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USD/JPY Outlook: Dollar Expected to Remain in Red Regardless the Outcome of Georgia Senate Run-off

The dollar returned to red on Tuesday after Monday’s long-legged Doji and pressuring new multi-month low at 102.71.

Broad dollar’s negative sentiment keeps in play risk for further weakness as bears gained fresh signal on December’s break and close below 200MMA (103.84).

The run-off for Georgia’s two senate seats is the key event today, with dollar expected to face increased volatility but likely to remain under pressure whichever party wins the seats. Technical studies are in full bearish setup on daily and weekly chart, supporting dollar-negative scenario.

Pivotal supports at 101.18 (2020 low, posted on Mar 9) and 100.69 (50% retracement of 75.55/125.74, 2011/2015 rally) are coming in focus and guarding key points at 100 (psychological) and 98.99 (2016 low).

Falling 10DMA (103.38) and 20DMA (103.59) offer solid resistances which should limit upticks and keep bears intact.

Res: 103.19; 103.38; 103.59; 103.82
Sup: 103.71; 102.58; 102.22; 101.63