FxWirePro: USD/JPY finds major support at 108.72, good to go short on break below

• USD/JPY is extending downside for 4th successive session, bias lower.
   
• The pair finds major support at 108.72 (Triple bottom), we see weakness on break below.
   
• Technical indicators are biased lower, RSI points south and is below 50 level. MACD is below the zero line and Stochs are biased lower.
   
• Yen could continue its safe haven appeal as geopolitical concern regarding North Korea resurface.
   
• Break below 108.72 support could see drag upto 107 (major trendline support)

Support levels - 109.10 (session low), 108.72 (Triple bottom), 108.60 (Aug 18 low)

Resistance levels - 109.75 (5-DMA), 110, 110.25 (20-DMA)

TIME  TREND INDEX  OB/OS INDEX   

1H          Bearish               Neutral      

4H          Neutral               Neutral      

1D          Bearish               Neutral       

1W         Bearish               Neutral     

Recommendation: Watch out for break below 108.72 to go short, target 107.

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