• FxWirePro: USD/JPY in bear grip Amid rising risk-off in Asian markets, US GDP awaited for further impetus

    Source: FxWire Pro - Technicals / 23 Oct 2018 01:11:53   America/New_York

    USD/JPY chart on Trading View used for analysis

    • USD/JPY trades in the red in the Asian session today as trades remain caution amid rising risk-off.
       
    • Markets continue to be wary about contagion on the EMs and DMs as a result of higher interest rates and defaults. 
       
    • The pair has failed below 113 handle and is currently trading 0.23% lower on the day at 112.55 at the time of writing.
       
    • Price action is holding support at 4H 200 SMA at 112.51, break below will see drag till trendline support at 111.95.
       
    • Next major support below 111.95 lies at 110-EMA at 111.42. Bearish resumption likely on break below.
       
    • US Q3 GDP is a big data event due this Friday which will determine further direction for the pair.

    Support levels - 112.51 (4H 200 SMA), 112.11 (55-EMA), 111.95 (trendline)

    Resistance levels - 112.94 (20-DMA), 113

    For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
     

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