2 January, 2019
USD/JPY keeps showing a negative trend. Since the beginning of the week, USD/JPY fell by 100 points. The currency pair is close to the round 109.000 with 109.550 acting as the closest resistance. Positions should be opened from the key levels. You should keep an eye on the US Treasury bonds yield dynamics.
Japanese financial markets are closed due to the New Year celebrations.
The price fixed below 50 MA and 200 MA which points toward the power of the sellers.
The MACD histogram is in the negative zone and below the signal line, which gives a strong signal to sell USD/JPY.
The Stochastic Oscillator is near the oversold zone, the %K line started to cross the %D line. There are no signals at the moment.
If the price fixes below 109.000, expect the quotes to fall further toward 108.600-108.400.
Alternatively, the currency pair can correct toward 110.000-110.200.
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