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USD/JPY chart on Trading View used for analysis
- USD/JPY has slumped below 200-DMA, hits new 4-month lows at 110.26.
- Momentum studies are highly bearish. Close below 200-DMA will see drag till 61.8% Fib at 108.41.
- Data released earlier today showed Japan's Coincident Index came in at 104.9, above expectations (104.5) in October.
- On the flipside, Japan's Leading Economic Index registered at 99.6, below expectations (100.5) in October.
- Sentiment in financial markets remained fragile on fears of a global economic slowdown and continued underpinning the Japanese Yen's safe-haven demand.
- Partial US government shutdown/falling US bond yields keep the USD subdued.
- Momentum with the bears, we see scope for test of 61.8% Fib at 108.41. Retrace above 200-DMA could see some upside.
Support levels - 110.14 (Weekly lower BB), 109.77 (Aug 21 low), 109.59 (50% Fib)
Resistance levels - 110.76 (38.2% Fib), 110.92 (200-DMA), 111.56 (5-DMA)
Recommendation: Good to go short on upticks, SL: 111, TP: 110.15/ 109.80/ 109.60
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
