USDJPY: Support Holds, Bearish Needs Break Below 111.00
USDJPY: Support Holds, Bearish Needs Break Below 111.00
The USDJPY pair was indecisive yesterday. It seems that the bearish pressures remain potential but in order to push lower price need to break below 111.00 support area located just below the daily EMA 200 as you can see on my daily chart below. The bias is neutral in the near term.
Immediate resistance is seen around 111.70. A clear break and a daily close above that level would likely to push price higher testing 112.00 key resistance which remains a good place for a short position with a tight stop loss as a clear break and a daily close above that area would abort the bearish bias and could easily target 113.15 or higher.
Immediate support resides around 111.35. A clear break below that area could trigger further bearish pressure testing 111.00 with a break below would put the pair vulnerable to more intense selling pressures targeting 110.00 area where potential fresh buyers may be seen.
Source: https://fxinstructor.com/blog/usdjpy-support-holds-bearish-needs-break-below-111-00
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