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USD/JPY: Failure To Hold Above 111.10 Keeps Bears In Control

Published 05/19/2017, 06:21 AM
Updated 07/09/2023, 06:31 AM

USD/JPY Weekly Chart

USD/JPY has minor support at 111.25/20 and holding here allows a further recovery to 111.80/90. This should be a challenge when combined with 4.5 month trend line resistance at 112.20/30. There is a good chance this area will mark a high for the day but shorts need stops above 112.60. A weekly close above 112.30 could be seen as more positive for the start next week.

Failure to hold above 111.10 keeps bears in control targeting 110.75/70 and support at 110.55/50. A break below 110.20 then targets 109.90 and important 200 day moving average and 6 month trend line support at 109.70/60. This is the best chance of a low for the day. We also have a gap to fill at 109.48 so longs need stops below 109.30.

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