Chart Of The Day: USDJPY May Find It Hard To Extend Recent Recovery

Fri, 15 Mar 2019 12:15

Having bounced off the six-week long ascending support-line, the USDJPY rose to the early month high; however, the pair is still left to conquer multiple resistances around 112.00 horizontal line. If at all prices rally past-112.00, the current month high near 112.15 and 61.8% FE level of 112.40 can still challenge the buyers. Given the pair's successful break of 112.40, it can rise to 113.10 number to the north.

On the downside, an upward slanting support-line at 111.000 gets short-term sellers' attention, a break of which highlights 110.30 and support-confluence near 109.90 that comprises 50% Fibonacci retracement and another ascending trend-line. Should there be increased selling pressure under 109.90, the 109.55 and 109.00 may become bears' favourites.

Join us on FB and Twitter to stay updated on the latest market events.