Thursday 25 May 2017

USD/JPY at neutral stance

During the past week the USD/JPY pair has been caught in tight range and today was seen hovering below the 112.00 mark. 
The absence of significant macro data releases reflects and the pair can’t find enough strength to set clear direction.
On the four-hour time frame the price is moving below the 20-day SMA and it’s between it and the 100-day SMA, both horizontally positioned. Technical indicators are not showing much. RSI is located around its mid-lines, while stochastic is slight above its and is heading to north.  
Immediate resistance is the 38.2% Fibonacci retracement of latest April to May up leg at 112.00 and next is seen at 23.6% (112.90). Looking to downside, the important level to consider is 111.00 as is a good turning point and might switch the trend into bearish in case of crossing it to below. 


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