USD/JPY - USD/JPY Fell and Met Our Target at 113.70! - 01/16/2017 (GMT)
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USD/JPY Chart
U.S. dollar recorded the fourth negative week in a row against the Japanese yen after breaking to the downside the consolidation area that was holding over the last month. The USD/JPY pair plummeted more than 2.6% this month and reached our first target at 113.70 (see technical analysis here: http://bit.ly/2jOIT2m)
The pair fell below the 50-daily SMA that was acting as a strong support level during the previous sessions. Now, it behaves as a resistance level and if there is a successful penetration above it the price will expose until the 118.65 resistance level. An alternative scenario is a continuation of the downside correction until the 113.00 psychological level or moreover until the 111.30 support barrier. Technical indicators, seem to be in agreement with the bearish thought, as both are following a negative path. The MACD oscillator is falling and has just entered the territory below zero while the RSI indicator is rebounded on the overbought area and is approaching the 30 level.
The pair fell below the 50-daily SMA that was acting as a strong support level during the previous sessions. Now, it behaves as a resistance level and if there is a successful penetration above it the price will expose until the 118.65 resistance level. An alternative scenario is a continuation of the downside correction until the 113.00 psychological level or moreover until the 111.30 support barrier. Technical indicators, seem to be in agreement with the bearish thought, as both are following a negative path. The MACD oscillator is falling and has just entered the territory below zero while the RSI indicator is rebounded on the overbought area and is approaching the 30 level.
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