Friday 16 June 2017

USD/JPY Retreats after having marked fresh 2-week high

Central Banks' decisions from past days boosted USD/JPY and today the pair marked fresh new two weeks high at 111.40. Fed announced that will lift up the interest rate with another 0.25 and BoJ hinted about a chance in the future to retrieve easing and holding the monetary policy steady.
However, the optimistic mood didn’t last long and ahead of Wall Street opening the pair dropped to currently trade at 110.74. It seems that bulls couldn’t conquer the critical resistance at 111.50, where now is located the 200-day SMA. 
The four-hour time frame is showing bullish 20-day SMA while the 100-day SMA is staying flat at 110.45 and is acting as a dynamic support. 
RSI and stochastic had retreated from the extreme overbought territory. Both are yet well above their mid-lines but has started to turn to south. 
As the pair broke the support at 110.90, doors are now opened for testing the next one at 110.56 (the intraday low).







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