Doubt over OPEC output cut deal dented investors’ confidence in risky assets, boosting safe-havens JPY demand.
USD/JPY extending decline from multi-month highs, hits session lows of 111.35.
The major is staging some recovery as we head towards the Asian session, but intraday bias lower.
Technicals are bearish, spinning top formed at highs on Friday's trade.
We see scope for test of 20-DMA at 108.12, bearish invalidation on close above 5-DMA.
Support levels - 111.35 (session low), 111, 110.33 (23.6% Fib), 108.12 (20-DMA & 38.2% Fib)
Resistance levels - 112, 112.40 (5-DMA), 113, 113.89 (Nov 25 high)
Good to sell rallies around 112/112.10, SL: 112.50, TP: 111.35/ 111/ 110.35
USD/JPY extending decline from multi-month highs, hits session lows of 111.35.
The major is staging some recovery as we head towards the Asian session, but intraday bias lower.
Technicals are bearish, spinning top formed at highs on Friday's trade.
We see scope for test of 20-DMA at 108.12, bearish invalidation on close above 5-DMA.
Support levels - 111.35 (session low), 111, 110.33 (23.6% Fib), 108.12 (20-DMA & 38.2% Fib)
Resistance levels - 112, 112.40 (5-DMA), 113, 113.89 (Nov 25 high)
Good to sell rallies around 112/112.10, SL: 112.50, TP: 111.35/ 111/ 110.35