USD/JPY capped below 55-EMA, stay short on upticks
JPY remains bid as a safer alternative, drags the pair lower.
Break below 55-EMA has raised scope for weakness till 110-EMA at 111.92 ahead of major trendline support at 111.70.
Technical studies on intraday charts are bearish. 5-DMA is showing a bearish crossover on 20-DMA.
Support levels - 112.20 (23.6% Fib), 111.93 (110-EMA), 111.70 (trendline support)
Resistance levels - 112.63 (55-EMA), 112.85 (50-DMA), 113.03 (5-DMA)
Stay short around 112.55/60, SL: 113, TP: 112.20/ 111.95/ 111.70
Break below 55-EMA has raised scope for weakness till 110-EMA at 111.92 ahead of major trendline support at 111.70.
Technical studies on intraday charts are bearish. 5-DMA is showing a bearish crossover on 20-DMA.
Support levels - 112.20 (23.6% Fib), 111.93 (110-EMA), 111.70 (trendline support)
Resistance levels - 112.63 (55-EMA), 112.85 (50-DMA), 113.03 (5-DMA)
Stay short around 112.55/60, SL: 113, TP: 112.20/ 111.95/ 111.70