USD/JPY was sloping downwards yesterday, marked an
intraday low at 100.24 and earlier this morning hit 100.07. It seems that the
Japanese yen is consolidating in a tight range as looking in a short term
perspective there no significant domestic macro data to support the
currency.
USD/JPY pair has formed a double bottom on 100.07, as
it is clearly seen on the the hourly chart. The short-term perspective is
bearish. Momentum shows bearish signs as well and ADX also gives
confirmation.The double bottom line at 100.07 should be pierced downwards for
continuation on the bearish scenario. Next bears target is seen at 99.50.
Immediate resistance is seen at 101.15. A clear break
above this level may lead to further downward pressure for testing 100.00 -
99.50. Next resistance levels are located at 101.15 and 101.65.
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