During
the early session today the USD/JPY pair dropped to 113.31 and later had
retreated to 113.54. the greenback is still suffering due to the Trump Jr’s
affairs and ahead of Fed's head Yellen testimony.
Technically speaking the pair broke to below the ascendant channel and is
currently developing below the 20-day SMA.
The four-hour time frame is showing bearish signs. RSI is nearing oversold area
and is slightly below its mid-line. Stochastic is displaying strong bearish
momentum and is located within negative territory. Nevertheless both indicators
had lost directional strength.
To confirm the bearish continuation the pair should fight the key support at
112.85.
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