Technical Outlook USDJPY 30.03.2017

Technical Outlook USDJPY 30.03.2017

USDJPY

Recovery attempts from near-term base just above 110.00 handle remain capped by strong barriers at 111.36/42 (weekly cloud top / base of thick 4-hr cloud), reinforced by daily Tenkan-sen in steep descend (currently at 111.49).
In addition, daily studies in firm bearish setup suggest limited recovery rallies before fresh weakness.
Near-term focus remains at 110.00 support zone, break of which would signal fresh extension of the downtrend from 118.65 (mid-Dec / early Jan double-top).
Alternative scenario requires daily close above weekly cloud top to delay bears and signal extended correction of 118.65/110.09 descend.

Res: 111.36; 111.42; 111.67; 112.15
Sup: 110.93; 110.70; 110.00; 109.50