The USD/JPY pair turned bearish

17 February, 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.


Source link   Presented by Fort Financial Services

Yen reaches key area against dollar

USDJPY found support ahead of 110.000 yesterday, with a low of 110.330. The area is a key psychological support for the pair finding buyers to reverse...

USD/JPY upside stalled around 112.50

Spot gathers further traction to the mid-112.00s. US 10-year yields sidelined near weekly tops. Attention on US PCE, due later in the NA session...

USDJPY has traded firmer so far

The yen has been correlating inversely with global stock markets this week, as it is apt to do during phases of pronounced swings...


USDJPY has recovered poise in Asia

The news sparked a steep sell-off in U.S. and global equity markets, driving demand for the yen, among other perceived safe haven currencies...

USD/JPY finds support near 109.00

The greenback is trading on the defensive vs. its Japanese counterpart at the beginning of the week, now taking USD/JPY to the low-109.00s ahead...

Engulfing on the 34 moving average

We've got an Engulfing pattern on the 34 Moving Average, so bears are likely going to continue pushing the price lower. The main intraday...


USD/JPY needs to reclaim 110.00

Bears returned the ball last week and sent the US dollar to new losses. The pair broke 111.00 and advanced to 110.50 where the major lost momentum...

Technical Analysis: USD/JPY - GBP/USD

During yesterday's trading session, USD/JPY grew and merged above the strong resistance level of 110.85. As a result of the growth of the yield of treasury bonds, the USD strengthened against the JPY. The USD/JPY is expected to grow even further, following the increase of the US treasury bonds yield...

Market seeks for the stop around 109

Due to the big volume amount at the range of 108 the buying is a good decision. In case the price starts following downwards...

  


Share: