USDJPY – recovery action show initial signs of stall
The pair remains in red on Friday and extends pullback from Tuesday’s rally peak at 107.01 below 30SMA (106.33), which contained weakness on Thursday.
Fresh bears pressure pivotal support at 106.10 (20SMA / Fibo 38.2% of 104.63/107.01 recovery), break of which would generate fresh bearish signal and extension through next pivot at 105.89 (10SMA), to confirm reversal and lower top at 107.01.
Bullish sentiment that was gained on Tuesday’s strong bullish acceleration is fading, with return and close below 20/10SMA’s to turn near-term bias to bearish mode.
Conversely, Weekly close above 30SMA would keep the upside in focus for fresh extension ov recovery rally from 104.63.
Res: 106.33; 106.64; 107.01; 107.29
Sup: 106.10; 105.89; 105.53; 105.32