USDJPY - Retest Of 2016 Low Maintains Bearish Pressure, Limited Upside Action Seen For Now

The pair retested last Thursday’s new 2016 low on overnight’s fresh weakness. Monday’s trading ended in red, after recovery action stalled at 104.82, confirming persisting downside pressure.
Long bearish candle of last week weighs, with daily technicals being in firm bearish mode.
Final break through 103.50 breakpoint could be delayed for prolonged consolidation, as daily RSI / Slow Stochastic are oversold. However, limited upside action is seen for now, with yesterday’s high at 104.82, marking solid resistance, ahead of 105.20 (Fibo 38.2% of 107.89/103.54 downleg) and former low at

105.53 (03 May low, reinforced by falling 10SMA), break of which would sideline immediate downside threats.
Res: 104.57, 104.81, 105.20, 105.53
Sup: 104.10, 103.75, 103.54, 103.00

   

Source : Actionforex