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FxWirePro: USD/JPY breaks support at 112.45, good to sell rallies

Risk-off favouring the Japanese Yen, the pair has broken support at 112.45 and edged lower. CFTC data shows increase in Yen longs amid global uncertainty in the markets. Price action holding just above 112 handle, breaks…

By Jay L. Zagorsky
1 min read
FxWirePro: USD/JPY breaks support at 112.45, good to sell rallies
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  • Risk-off favouring the Japanese Yen, the pair has broken support at 112.45 and edged lower.

  • CFTC data shows increase in Yen longs amid global uncertainty in the markets.

  • Price action holding just above 112 handle, breaks below could see test of 111.65 (Feb 12th lows) and then 110.96 (Feb 11th lows).

  • 5-DMA at 112.95 is immediate resistance, bearish invalidation on breaks above.

Recommendation: Sell rallies around 112.10/25, SL: 112.95, TP: 111.65/111/110.96

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