Last week the USD/JPY pair continued its bullish
momentum , but still is facing difficulties to hold above the key resistance
located at 104.20. But in the short-term the outlook remains neutral. The next
resistance is around 104.65 level and in case of breakthrough, bulls will try
to conquer 105.00/50. The intraday support seems to be 103.50 and the
trend line as it is clearly seen on the H1 chart. A clear break below that
area could trigger further bearish pressure for testing the next support at
102.75.
RSI is slightly below 40 level and is confirming the
current downward trend. The stochastic is indicating an oversold market and is
still displaying bearish momentum.
Overall within the nearest term bears are ruling the
situation. Only a clear break below 103.50 could put an eventual end to the
current bullish correction phase.
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