FxWirePro: USD/JPY finds selling pressure at highs, respite from bear grip unlikely soon
Source: FxWire Pro - Technicals / 22 Nov 2020 11:41:35 America/New_York
USD/JPY chart - Trading View
USD/JPY was trading 0.05% high (largely unchanged) at 103.79 at around 06:10 GMT, after closing 0.06% lower on Thursday's trade.
The pair has shown long upper wicks on the daily candle suggesting selling pressure at highs.
US dollar remains under pressure after US Treasury Secretary Steven Mnuchin's decision to end pandemic relief for struggling businesses.
Dovish Fed expectations continued weighing on the USD and remained supportive of further downside in the pair.
Price action continues to drift lower within its recent bearish channel. Major and minor trend are strongly bearish. Momentum with the bears.
Minor support for the pair is seen at 103.17 (Nov 6th low). Break below finds little support till 101.70 (Trendline).
On the flipside, 5-DMA is immediate resistance at 104.01. Bearish invalidation only above daily cloud.
© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.