USDJPY – bearish bias remains intact after repeated rejection under 30SMA; scope for retest of 2018 low at 105.24
Repeated rejection under falling 30SMA triggered fresh weakness which accelerated after disappointing Fed to probe below last week’s low at 105.60 on Thursday.
Daily MA’s returned to full bearish setup, as momentum remains in negative territory and maintains bearish bias.
Close below 105.60 would be negative signal for retest of 105.24 (02 Mar low) and possible extension towards psychological 105 support.
Broken 10SMA marks resistance at 106.26 which should limit upticks and guard pivotal barrier at 106.66 (falling 30SMA).
Res: 106.06; 106.26; 106.43; 106.66
Sup: 105.45; 105.24; 105.00; 104.46