21 December, 2018
USD/JPY remains in an aggressive sell-off. During the trading yesterday, the yen grew by more than 1% against the USD. The quotes reached 111.000 and can descend further. The local resistance is 111.450. You should keep an eye on the US economic reports and the government bond dynamics.
During the Asian trading session, Japan published a weak inflation report.
Indicators point toward the power of the buyers: the price fixed below 50 MA and 200 MA.
The MACD histogram is in the negative zone but above the signal line, which gives a weak signal to sell USD/JPY.
The Stochastic Oscillator is in the neutral zone but above the signal line which points toward a bearish sentiment.
If the price fixes below the round 111.000 expect further descend of the USD/JPY quotes..
Alternatively, the currency pair can recover toward 111.700-111.900.
Several factors that put pressure on the black gold dynamics. The current technical pattern of the oil market, several trading recommendations...
The GBP/USD pair was keeping the local supply zone in the 1.35850-1.36300 range during the last week. It caused a correction. The US currency was supported