Technical Analysis Report - USD/JPY
11/08/2016 // 06:08:48 am
The currency pair, USD/JPY had a disappointing day on the market as all the gains have been washed off and traded at the session lows. The yen saw a positive movement backed by the stocks weakness together with positive Machinery Orders.
The pair faced down thrust and headed back towards local lows. After touching the support at 101.00 the pair turned up. The resistance is observed at 101.40, the support stands in at 100.40.
The indicators display a gloom picture for the pair and are moving south. MACD moved into the negative territory which point to the strength of sellers. RSI dropped to the oversold area.
The USD/JPY bounced from the 50-EMA and headed away from it in the 4 hours chart. The 50-EMA provides a strong resistance in the 102.00 region. The moving averages (50, 100 and 200) direction is earthwards.
The pair is under pressure. The price may grow to the 102.00 region where the 50-EMA lies. In the negative scenario, the price will fall towards the level of 100.40. If the buyers hold the regime, the USD/JPY will rise to 102.50.
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