USD/JPY in an aggressive sell-off

21 December, 2018

  • Prev Open: 112.406
  • Open: 111.203
  • % chg. over the last day: -1.16
  • Day's range: 111.048 – 111.459
  • 52 wk range: 104.56 – 114.56

USD/JPY remains in an aggressive sell-off. During the trading yesterday, the yen grew by more than 1% against the USD. The quotes reached 111.000 and can descend further. The local resistance is 111.450. You should keep an eye on the US economic reports and the government bond dynamics.

During the Asian trading session, Japan published a weak inflation report.

Indicators point toward the power of the buyers: the price fixed below 50 MA and 200 MA.

The MACD histogram is in the negative zone but above the signal line, which gives a weak signal to sell USD/JPY.

The Stochastic Oscillator is in the neutral zone but above the signal line which points toward a bearish sentiment.

Trading recommendations

  • Support levels: 111.000, 110.750
  • Resistance levels: 111.450, 112.000, 112.250

If the price fixes below the round 111.000 expect further descend of the USD/JPY quotes..

Alternatively, the currency pair can recover toward 111.700-111.900.

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