USD/JPY may bounce off the border of the oversold zone

2 August, 2016

General overview

The dollar reversed some of its losses which it suffered when the BoJ announced only moderate stimulus measures on Friday.

Current situation

The pair traded at the local lows which were set last Friday. The instrument is in a narrow channel. The resistance is at 103.50, the support comes in at 102.50.

The indicators MACD and RSI still generate sell signals. MACD grew which indicates the sellers’ positions weakening. RSI is close to the oversold area.

The instrument broke the 50, 100 and 200 Day EMAs downwards in the 4 hours chart. The moving averages lines are turning downwards.

Trading recommendations

The pair may bounce off the border of the oversold zone. The buyers can lead the price from the immediate support 102.50 to the 103.50 region.

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