The first thing that jumps out on the Daily Chart above is the Key Reversal Up last Tuesday...labelled 'Suspect' as all KRs on any JPY pairing should be. The second more subtle thing is that last week was a KR Up on the Weekly Chart. Again 'Suspect' for the same reason. However, there seems to be a minor theme going on here. Last month I moved the bullet point above into Neutral because of the overhang of resistance between 111.20 - 111.30 and the key 50% Fib at 108.86.
Oddly enough given the new recent low, the close-on-close is within 40 odd tics which I suppose is a justification...but this is beside the point! The point is that despite the new recent low, we've not had consecutive closes, in fact not any closes, outside those ranges. Hence, the bullet point above stays the same because...we're sill caught...possibly also utilising the 50% Fib of the Nov 2016 - Jan 2017 move at 109.89 as an attractor and the September 2016-to-date Uptrend (currently 108.74) as an additional resource.
Support is currently at 109.89, 108.86, 108.74 (dynamic), 108.58, 108.25, 108.11 & 107.83.
Resistance is at 110.55, 110.66, 110.94, 111.04, 111.20 - 111.30, 111.96 - 112.14 and 112.48 (dynamic).
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