USD/JPY: Extending pullback

2021年2月19日

13:20 GMT - The corrective pullback is extending, whilst daily stochastics and the Tension Indicator continue to track lower, with the break below 105.50 adding fresh weight to sentiment. Focus is turning to congestion around 105.00 and the 104.80 Fibonacci retracement, where already oversold intraday studies could prompt short-term consolidation. Meanwhile, immediate resistance is at 105.50. A close above here would help to stabilise price action, but a close above 106.00/10, not yet seen, will turn sentiment outright Positive and confirm continuation of January gains.