- Pair is currently trading at 112.81 marks.
- It made intraday high at 113.37 and low at 112.71 levels.
- Japan's Nikkei 225 index also plummeted 2.23% to 15,836.31 points on Friday morning in Tokyo.
- Yesterday trade balance data showed exports plunging 12.9% year-on-year in January and recent strength of Yen may cause for further easing by BOJ.
- Intraday bias remains bearish for the moment.
- A daily close above 115.96 will turn bias to the bullish again.
- 10, 25 and 50D EMA heads down, which signals bearish trend for the moment.
- Recent downfall will take the parity towards 110.98 and 109.17 thereafter.
- Key support falls at 112.51, 110.98 and 109.17 levels.
- On the top side, resistance levels are seen at 114.87, 115.96 and 116.21 marks.
We prefer to take short position in USD/JPY above 113, stop loss 114.87 and target 109.17/107.30 thereafter.
