USDJPY – break below 112.00 support zone to confirm reversal
The pair holds in red on Wednesday and tested pivotal support at 111.96 (daily Tenkan-sen) after strong bearish signal was generated on multiple strong upside rejections under daily cloud top.
Confirmation of reversal needs break below Tenkan-sen which would expose supports at 111.69 (200SMA / Fibo 61.8% of 110.83/113.08) and 111.27 (76.4% retracement).
Corrective upticks are expected to hold below daily Kijun-sen (112.78) and keep near-term bearish bias in play.
Res: 112.63; 112.78; 113.17; 113.24
Sup: 111.96; 111.69; 111.57; 111.27