USDJPY: Slides below 111.00, Further Downside Pressures On The Cards
USDJPY: Slides below 111.00, Further Downside Pressures On The Cards
As anticipated, the USDJPY pair had a bearish momentum last week, bottomed at 111.04. Price slumped to a fresh five-week low earlier today in Asian session after started the week with a bearish gap as you can see on my daily chart below. Although gaps tend to be filled, it can also signal a resumption of the current trend, which is a bearish trend targeting 110.00 area. The bias is bearish in the near term.
Immediate resistance is seen around 111.00. A clear break above that area would neutralize the near term bias and activate my “wait and see” mode as direction would become inconclusive and may retest 112.00 key resistance level.
On the downside, 110.00 area seems to be a good place to buy with a tight stop loss as a clear break and consistent movement below that area could open the door for a much bigger momentum to the downside.
Source: https://fxinstructor.com/blog/usdjpy-slides-below-111-00-further-downside-pressures-on-the-cards
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