USD/JPY opened bearish on Monday

7 March, 2017

North Korea had set up rockets to the Japan’s Exclusive Economic Zone. This action hiked anxiety level in geopolitical environment making investors buy yen to escape the risk.

Current situation

The USD/JPY opened bearish on Monday. The pair headed lower in the Asian session and continued losing ground in the European morning. Sellers reached 113.80 first and after a brief pause continued moving the major lower and reached 113.60 in the late European session. The price remained above the moving averages in the 4 hours chart. The 100-EMA touched the 200-EMA and turned neutral. The 200-EMA also was neutral while the 50-EMA turned upwards in the mentioned timeframe. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD decreased which indicates the buyers’ positions weakening. The RSI oscillator moved downwards.

Trading recommendations

The USD/JPY pair is likely to maintain its sell tone in the short term. The 113.50 area stopped sellers to move lower for now. A cut through the mark will turn attention to the 113.00 level.


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