Technical Outlook USDJPY 17.03.2017

Technical Outlook USDJPY 17.03.2017

USDJPY

Near-term sentiment remains negative, as steep post-Fed fall extended on Thursday and cracked pivotal support at 113.13 (Fibo 61.8% of 111.67/115.49 rally / rising 100SMA), but failed to close below.
Recent strong upside rejection that formed Bull-trap pattern and subsequent strong acceleration lower, confirmed reversal and signal further downside.
Eventual close below 113.13 is needed to confirm bearish continuation and expose next target at 112.57 (Fibo 76.4% retracement.
Thickening daily cloud continues to heavily weigh on near-term action, which is so far holding below initial barrier at 113.58 (daily Kijun-sen), guarding daily cloud base (113.90), where extended upticks should be ideally capped.

Res: 113.47; 113.58; 113.90; 114.19
Sup: 113.13; 112.89; 112.57; 112.00