Short USD/JPY break below 20-DMA

FX:USDJPY   美元/日元
USD/JPY slips lower on renewed risk-off, down 0.28% on the day.
Comments from the Chinese President Xi, who talked up the prospects of boosting the country’s trade and imports with the US triggered risk-off moods, lifting the safe-haven Yen.
Also, uncertainty around the US tax reforms keeps the US dollar on the back foot, collaborating to the weakness in USD/JPY .
Technical studies have turned bearish . RSI and Stochs are biased lower.
Focus on the US tax reforms, which is expected to have a significant impact on the USD price-action.
The pair is currently hovering around strong support at 20-DMA at 113.40. We see weakness on break below.
On the flipside, major resistance seen at 114.45. We see bearish invalidation only on break above.

Support levels - 113.40 ( 20-DMA ), 112.98 (23.6% Fib retrace of 107.318 to 114.73 rally), 112.16 ( 50-DMA )
Resistance levels - 113.81 (5-DMA), 114, 114.45 ( trendline )

Good to go short on break below 20-DMA , SL: 113.85, TP: 113/ 112.50/ 112.20.

评论: Closes below 20-DMA. TP1 hit. Bias lower.
评论: TP2 hit.
评论: All targets hit. Doji formation seen on daily charts.

Holds 38.2% Fib support. Further weakness on break below 111.70 levels.

Scope the for test of 111.
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