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End of day
A bounce from friday's low saw the Yen carry on its rally when the markets reopened on sunday. It only managed to go as far as the 114.17 level before meeting sellers with sufficient volume to drive it back to friday's low.
Although we saw it print a new month high, the day closed as a bearish candle.
Lets see what to expect on tuesday. S&R levels below.
As I write, the yen is trying to get through the 113.64 level. It seems to have the strength to keep going and we may see the buyers @ 113.23 & 112.89 try to reverse the market. Should they fail, more support @ 112.55 & even stronger buyers @ 112.28 are waiting.
On the up side, 114.53 remains to be broken.
USD/JPY pulled back from the daily highs and fell below 114.00. The pair closed the previous day with modest losses, and today gained some traction rising to a daily high of 114.15 before losing its bullish momentum. The initial for aligns at 114.20 ahead of 114.55 and 115.00 ( the psychological level). The downside offers supports at 113.60, 113.00 and 112.00 (the psychological level).
The USD/JPY fell to 113.29 and reached a new weekly low. Currently is trading few pips above the level by the end of the US session. On the four hour time frame the pair is developing well above its 100 and 200 SMA, both around the 113.00 level and with the shortest advancing below the larger one as technical indicatorsresume their declines within negative levels, skewing the risk to the downside. Renewed selling interest below 113.20, now the immediate support should lead to a steeper decline, particularly if Asian shares follow the lead of their overseas counterparts.
USD/JPY is extending its slide toward 113.00 handle today despite the upbeat US retail sales data. On the four hour time frame the price is developing around the mild bullish 100-day SMA before bouncing and currently is trading around the daily highs. Technical indicators also recovered after nearing oversold readings, holding below their midlines but with an increased upward strength, indicating that the pair could continue recovering ground. The key will be stocks´ behavior as a mirror of the market's sentiment. Should equities continue recovering, the pair could regain the 114.00 level, although a turn to the worst in sentiment will likely see it back challenging the 113.00/10 support zone.
USD/JPY is holding above the mild bullish 100-day SMA, currently at 112.95, which gains upward traction above the directionless 200-day SMA. Technical indicator on the four hour time frame resumed their declines after a failed attempt to regain the upside, now nearing weekly lows and skewing the risk to the downside.