USD/JPY - USD/JPY Hit Our Suggested Level at 113.00 - 01/18/2017 (GMT)

After eight days of losses in USD/JPY pair, the price found a support level near the 113.00 strong psychological barrier which overlaps with the first support barrier of the pivot points and met our suggested level (see technical analysis here: http://bit.ly/2jINJPw).

The U.S. dollar plummeted more than 3.6% since January 4th, following the rebound on the 118.65 fresh high against the Japanese yen, however, now may reach the end of the downside correction and will continue its rising for regaining some ground. The pair will retest the 115.00 critical level, if it rose above the 113.70 resistance obstacle. Otherwise, a move below the aforementioned psychological level will expose the price towards the second support level of the weekly pivot points which coincides with the 111.30 obstacle. MACD is endorsing the bearish momentum as it is moving lower into the negative path, however, RSI is pointing upwards.