USDJPY: Bearish Stalled but Remains Intact

USDJPY: Bearish Stalled but Remains Intact
The USDJPY was traded higher yesterday which is anticipated after a bounced from the daily EMA 200, hit 111.66. Nonetheless, it’s still a bit too early to conclude that the current retreat from earlier lows abort the bearish scenario. I other words, the bearish bias remains valid but need to clear the EMA 200 support and 111.00 level to resume the push lower to 110.00.

Immediate resistance is seen around 111.66 (yesterday’s high). A clear break and a daily close above that level would retest 112.00 area which is a good place to sell with a tight stop loss as a clear break and a consistent move above that area would invalidate the bearish scenario with nearest technical objective lies at 113.15.

Immediate support sits around 111.35 with a breakdown below to target 111.00 and the daily EMA 200 support area which is the last defense for a retest of 110.00 region where potential fresh buyers may be seen (again).