USD/JPY - USD/JPY Fell Ahead Fed Yellen's Testimony - 02/14/2017 (GMT)
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- Timeframe : 4H
USD/JPY Chart
The U.S. dollar was traded lower against the Japanese yen over Monday’s quiet period as it is in pressure awaiting the Fed Chair Janet Yellen’s testimony today and tomorrow. The USD/JPY pair dropped more than 0.5% since yesterday, following the significant rebound on the 114.00 psychological level and on the 100-daily SMA, which failed to surpass it.
Currently, the price is developing slightly above the 100-SMA on the 4-hour chart, however, it slipped below the 113.50 key level. So, our expectation is a further downward movement until the 112.60 support barrier. Technical indicators are biased lower but are still moving into the positive territory. The RSI indicator is pointing to the downside and is approaching the negative path while MACD oscillator is holding below its trigger line.
Currently, the price is developing slightly above the 100-SMA on the 4-hour chart, however, it slipped below the 113.50 key level. So, our expectation is a further downward movement until the 112.60 support barrier. Technical indicators are biased lower but are still moving into the positive territory. The RSI indicator is pointing to the downside and is approaching the negative path while MACD oscillator is holding below its trigger line.
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