During
the European session the USD/JPY pair skyrocketed and reached highest levels
since early January, having marked daily high at 113.18. But Trump’s comments
on Fed’s policy that rate hikes are causing troubles on the economic progress
made bulls give up. Earlier today the data from Japan showed better than
expected numbers on trade balance while imports printed huge drop comparing to
previous month (from 14% to 2.5%).
Currenlty the pair is trading at 112.48 after had pinned daily low at 112.05. On
the four hour time frame the price is developing above its bullish moving
averages, so the long term uptrend is not at risk. RSI and stochastic are
displaying strong bearish slopes and are close to oversold territories. Further
declines are expected in case of closing below the daily low which will bring
next bearsih target at 111.80. On the other hand bulls might try to fight the
first resistance at 112.60 which if broken will offer next one at 113.00.
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