The USD/JPY pair turned bearish

February 17, 2017

According to the Japanese PM Taro Aso, the current yen rate is not low at all. Meanwhile, investors preferred to take profit amid the dollar retracement.

Current situation

The USD/JPY pair turned bearish on Wednesday. The price got under intense selling pressure and sharply dropped. Traders broke the level 114.00 at the daily open and drove the price lower in the night session. European traders continued pushing the price lower and reached the 113.50 mark in the mid-European session. The pair broke the 200-EMA downwards in the 4 hours chart. The spot stayed between the 50 and the 100-EMAs during the day. The 50-EMA was bullish while the 100 and the 200-EMAs headed south in the same chart. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD decreased which indicates the buyers’ positions weakening. RSI left the oversold readings and entered the neutral territory.

Trading recommendations

All eyes are now at the 113.50 mark. If the price fixates below the handle, the USD/JPY major may fall further sending this market looking for the 113.00 level. Inability to move the price lower shall return buyers in a driver’s seat.

Publication source
Fort Financial Services information  Fort Financial Services reviews

February 24, 2017
USDJPY profit target reached perfectly again, time to buy
Price has dropped perfectly and reached our profit target from yesterday. We turn bullish above 112.58 support (Fibonacci retracement, Fibonacci projection, horizontal overlap support) for a push up to 113.75 resistance...
February 21, 2017
The dollar rose against the yen
The dollar strengthened vs. the yen, pushing the USD/JPY pair back above 113.00 handle on Monday. The pair caught fresh bids and reversed majority of Friday's losses in the Asian session...
February 17, 2017
The USD/JPY pair turned bearish
The price got under intense selling pressure and sharply dropped. Traders broke the level 114.00 at the daily open and drove the price lower in the night session...

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