Slobodan Drvenica
Windsor Brokers
Narrow range in early Monday's trading after Friday's tight Doji signals directionless mode after pullback from last week's double-rejection at 111 zone was contained by 10SMA/broken Fibo 61.8% barrier.
Traders look for fresh direction signals, as daily techs are mixed (flat momentum, south-heading stochastic and MA's in mixed setup).
Solid bids at 110.22/00 zone keep the downside protected for now, with today's bullish close seen as minimum requirement to improve near-term tone and re-expose pivots at 111.12 (last week's high) and 111.28 (200SMA).
Return below 10SMA would generate initial bearish signal, while extension and close below 20SMA (109.83) would risk deeper pullback.
Res: 110.63; 110.93; 111.12; 111.28
Sup: 110.22; 110.00; 109.83; 109.50
Interested in USDJPY technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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