USDJPY intraday technical analysis - 22/02/2019

USDJPY

110.722 / 110.728

SUMMARY

Up

TREND

Upward penetration

SENTIMENT

Bearish

VOLATILITY

Medium

MARKET ANALYSIS

Upwards scenario: Possible surge higher the resistive measure at 110.81 (R1) is liable to activate recovery phase from the initial bearish setup. In such scenario we would suggest next target zone from 110.94 (R2) onto 111.10 (R3) price levels.
Downwards scenario: Session low, located at 110.66 (S1) offers a key support measure on the downside. Successful retest here is very important for the bearish market participants due to the absence of the strong support levels on the way towards to next targets at 110.53 (S2) and 110.40 (S3).

Resistance levels: 110.81, 110.94, 111.10

Support levels: 110.66, 110.53, 110.40