Wednesday, February 3, 2016
Huge drop on the USD/JPY
The
Yen strengthen for today as risk aversion comes back into the markets. On the
daily chart of the USD/JPY we can see how the pair dropped rapidly from the
120.00 level to the 117.00 level, which is a 300 pip drop. A 300 pip daily
range for the USD/JPY is very unusual. When the price reached the 117.00 level,
it bounced to the upside and right now is kind of finding some resistance at
the 118.00. For now the 117.00 may act as a support, but if it breaks that
level to the downside, then the next round number level of the 116.00 could act
as support.
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It could have found some support.
ReplyDeleteI agree, it will probably continue falling towards 116.00.
ReplyDeleteIt keeps going down.
ReplyDeleteUsd/Jpy forming descending structure towards 115.00 level.
ReplyDeleteGreat analysis, thank you.
ReplyDeleteIt's great decline.
ReplyDeleteInteresting info!
ReplyDeleteGreat take on markets today.
ReplyDeleteExcellent analysis.
ReplyDelete