USD/JPY dropped today to 112.42. Indicators on H4 are showing oversold conditions and lack of directional stregth. Below today low the pair is likely to retest 112.00.
USD/JPY remains clearly bearish in the long term and yet is developing within the downward channel that started since January 8. Today the bears paused at 108.30, just above a strong support area. With FOMC ahead this sounds reasonable.
Despite falling to the weekly lows this morning, USD/JPY gathered stength and bounced towards 109.00 handle. Short term bullish outlook can not be confirmed unless the pair move above 110.00 – 110.48.
Yesterday the USD/JPY marked a 15-month low at 106.84 from where now is pulling back. Indicators on the daily chart remain in negative terriroty and had lost directional strength. Despite today’s bounce, below 108.05 the bearish bias prevails.
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