USD/JPY - Plunged 2% This Week - Recorded the 3rd Red Day - 04/13/2017 (GMT)

It was another negative day for the U.S. dollar as it plummeted almost 2% so far this week against the Japanese yen and slipped below the 110.10 critical level. The USD/JPY pair is approaching our first target at 108.50 that we mentioned in the analysis yesterday (see technical analysis here: http://bit.ly/2oWJgyu) or moreover towards the 107.50 support barrier.

The technical indicators, as well as the moving averages, are signalling for further bearish movement. The pair is developing below the three SMAs (50, 100 and 200) on the daily chart. The RSI indicator is following a negative territory and is approaching the oversold area. Meanwhile, the MACD oscillator created a bearish crossover with its trigger line and is strengthening below the zero line.