USD/JPY Bearish Bias Continues as Long as the Price is Below 111.70

2 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

Hi traders,

The USD/JPY has followed a drop in Equities and a prolonged government shutdown caused a major loss of demand for the USD.

Technically the price is at the support zone now. Huge order block at 111.37 suggests a possible rejection on the retracement to the upside. Adding to this we also see M L5 so the zone is 111.35-60 where we could see another rejection and fresh sellers. Targets are 110.50 and 110.15. A daily or 4h close below 110.15 suggests further weakness towards 109.60 and 109.37. Pay attention to these levels and never forget the correlation between the USD/JPY and major Equities such as Nikkei, SP500 and DAX.

For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.

Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of