The USD/JPY pair turned to downwards today after hovering for
a while around 113.00 yesterday. Currently the pair is trading at 112.44. not
far from the daily low, marked at 112. 30 and losing 0.35% on the day.
On the four hour time frame the price is moving above its 20-day SMA, which is heading north. Stochastic is showing strong bearish momentum and is currently
located around its mid-line. RSI is also seen at its mid-line, but has lost
directional strength.
So given the above the pair is vulnerable to extend its downward slope, but
meanwhile is hinting for a bearish correction.
In the upcoming session major macroeconomic data will be released from Japan –
CPI and the
unemployment rate and it will be intersecting to observe the pair’s development
tomorrow.
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