The USD/JPY pair is seen down today and
marked a four week low at 112.47during the European session. The US Treasury yields recovered with equities, which
backed up the pair and an upward corrective followed and now the pair is hovering around the 113.00 level.
As seen on the four hour time frame USD/JPY found resistance at the 23.6% Fibonacci
retracement of latest September to early November bullish run at 113.00 and and
the pair retreated to currently trade at 112.92. However the same chart is
showing that the sentiment leans to the downside. The price is moving below is
moving averages, having bearish 200-day SMA, but the 100-day and 200-day SMAs
are staying flat. RSI and stochastic had retreated from the extreme oversold
areas but also had lost upward momentum. According to above a bearish extension
is expected for the upcoming sessions.
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