On Friday the USD/JPY climbed to its highest level for the
last three days at 110.70, but during the American session dropped, erasing
most of the gains and lower at 110.30.
On the four-hour time frame the price is moving below the 100-day and 200-day
SMAs and the 100-day SMA is acting as a dynamic resistance, currently being at
110.90.
RSI and stochastic retreated from the extreme overbought area, although remain
above their mid-lines and are displaying
bearish momentum.
The pair is facing strong resistance at 61.8% Fibonacci retracement of latest
April to May up leg at 110.50. Should the pair succeed to break above, we have
chances to see bulls back.
Next week the pair will be quite vulnerable having the Federal Reserve meeting
on Wednesday and the Janet Yellen’s press conference. A rate hike is expected
and so there will be huge impact on the currencies.
No comments:
Post a Comment