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FxWirePro: USD/JPY holds above 113 handle, concerns over corporate tax cuts delay to keep USD subdued

USD/JPY holds above 113 handle, concerns over corporate tax cuts delay to keep USD subdued

 

  • USD/JPY slumped overnight amid concerns that corporate tax cuts would be significantly delayed.
  • The pair slipped to fresh lows for the month, hit 113.09 before paring some losses to close at 113.45.
  • Price action is currently hovering around 20-DMA at 113.47, strong support level.
  • We see weakness on break below. Technical studies have turned bearish. RSI and Stochs are biased lower.
  • 5-DMA at 113.68 is immediate resistance. Break above could see minor upside till 114.45. We see bearish invalidation only on break above.

Support levels – 112.98 (23.6% Fib retrace of 107.318 to 114.73 rally), 112.16 (50-DMA)

Resistance levels – 113.47 (20-DMA), 113.68 (5-DMA), 114, 114.45 (trendline)

Our chart for the call

 

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