USD/JPY 'Symmetric Triangle' breach, stay short for 111.35 | December 20, 2018

USD/JPY is extending downside despite Fed delivering a hawkish rate decision overnight.

10-year yield remains near the seven-month low of 2.76 percent.

Price action largely muted to BoJ which left policy unchanged, as widely expected.

Technical indicators maintain their bearish strength. The pair has shown a breach at 'Symmetric Triangle' base raising scope for further downside.

Support levels - 112.20 (23.6% Fib), 111.37 (Oct 26 low), 110.88 ( 200-DMA ), 110.76 (38.2% Fib)

Resistance levels - 112.69 (5-DMA), 113 (nearly converged 21-EMA and 50-DMA ), 113.85 (Triangle top)

Good to go short on break below 112 handle, SL: 112.70, TP: 111.40/ 111