Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/JPY finds strong support at 20-DMA at 106.09, weakness only on break below

  • USD/JPY inches higher from session lows at 106.18 as yen weighed down by softer Japanese data.
     
  • Data released earlier today showed that the Japanese Tankan Manufacturing Outlook and Index indicators missed expectations.
     
  • The pair is trading with a mild bullish bias and bullish divergence on RSI and Stochs keeps scope for upside.
     
  • We have seen last week that price action has broken strong trendline resistance at 106 levels.
     
  • Further we evidence bullish divergence on RSI and Stochs which raises scope for upside.
     
  • On the flipside 20-DMA at 106.09 is strong support, we see weakness only on break below.

Support levels - 106.22 (5-DMA), 106.09 (20-DMA), 105.70 (trendline)

Resistance levels - 107.01 (23.6% Fib), 107.29 (March 13 high), 107.77 (cloud base)

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.