During the past week the USD/JPY pair has been caught in tight
range and today was seen hovering below the 112.00 mark.
The absence of significant macro data releases reflects and the pair can’t find
enough strength to set clear direction.
On the four-hour time frame the price is moving below the 20-day SMA and it’s
between it and the 100-day SMA, both horizontally positioned. Technical
indicators are not showing much. RSI is located around its mid-lines, while
stochastic is slight above its and is heading to north.
Immediate resistance is the 38.2% Fibonacci retracement of latest April to May up leg
at 112.00 and next is seen at 23.6% (112.90). Looking to downside, the important
level to consider is 111.00 as is a good turning point and might switch the
trend into bearish in case of crossing it to below.
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