“¢ The pair finally broke down of its Asian/European session consolidative trading range and has now eroded a major part of overnight strong gains after weaker than expected US PPI figures. “¢ The pair is now all set to snap three consecutive days of winning streak and the downward momentum could extend towards important moving averages (200 & 100-hour SMA) confluence support. “¢ The mentioned region also coincides with 38.2% Fibonacci retracement level of the 110.38-111.65 up-move and should act as a key trigger for bearish traders/any further downfall. “¢ Technical indicators on the 1-hourly chart have also drifted into bearish territory and thus, reinforce prospects for a follow-through weakness on the back of some fresh technical selling. USD/JPY 1-hourly chart Spot Rate: 111.29 Daily High: 111.65 Trend: Turning bearish Resistance R1: 111.45 (horizontal support break-point) R2: 111.65 (1-week tops set earlier today) R3: 112.06 (R2 daily pivot-point) Support S1: 111.16 (100-period SMA H1) S2: 110.85 (weekly low set on Monday) S3: 110.64 (S3 daily pivot-point) FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD Technical Analysis: Falling Wedge attracting bottom-pickers at 2018 lows FX Street 5 years "¢ The pair finally broke down of its Asian/European session consolidative trading range and has now eroded a major part of overnight strong gains after weaker than expected US PPI figures. "¢ The pair is now all set to snap three consecutive days of winning streak and the downward momentum could extend towards important moving averages (200 & 100-hour SMA) confluence support. "¢ The mentioned region also coincides with 38.2% Fibonacci retracement level of the 110.38-111.65 up-move and should act as a key trigger for bearish traders/any further downfall. "¢ Technical indicators… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
