Technical Analysis


The 109.838-935 area

The USDJPY is back down near the sessions lows and in the process are testing:

  • 100 bar MA on the 4-hour chart at 109.935
  • 200 bar MA on the 4-hour chart at 109.885
  • Swing line at 109.838 (see red numbered circles).
  • The low from earlier today

The area betwen 109.83-93 is a key barometer for the bulls and the bears. Move below should solicit more selling. Hold for the 2nd times today and we could see a rebound.

US stocks are heading back to the downside, which is helping to pressure the currency pair.  In interest rates, the yields are lower by -3 to near -4.5 bps. That too is helping to pressure the pair.  

Looking at the 5-minute chart, the pair trended lower after the weaker Philadelphia business outlook, but stalled near the 100 and 200 bar MA.  The correction off the low has been limited.   That keeps the sellers more in control and the buyers more nervous. 

 



Source link

Articles You May Like

USD/JPY stays underpinned on trade optimism, closes in on key resistance levels
The US dollar isn’t liking the sudden softness in economic data
Forex 30-Minute Scalping Strategy #FOREX TRADING BANGLA [ PIPS FX ]
By the way… it is a 3-day weekend in the USA
US media report Trump ‘won’t sign’ funding agreement that includes contractor back pay

Leave a Reply

Your email address will not be published. Required fields are marked *