Thursday, May 31, 2018
Will the USD/JPY keep falling?
The
USD/JPY rallied since the middle of March from the 104.63 level to the 111.39
level. From the 111.39 level, the price of the USD/JPY starts retracing to the
downside and breaks below the 200 day EMA at the 109.41 level and below the 55
day EMA to reach a low at the 108.11 level. The bullish trend is still in place
on the daily chart, but if the pair keeps falling, it may drop to the 106.62 or
to the 104.63 level. On the other hand, since the bullish trend is still in
place, the USD/JPY may go back up to the 200 day EMA, which may act as
resistance. However, the most important resistance on the USD/JPY is at the
peak of the 111.39 level, which it should break to the upside in order to go
back to its bullish trend.
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Seems like it has room for further decline.
ReplyDeleteGood post. Very helpful.
ReplyDeleteIt found some support.
ReplyDeleteI'll keep your assessment in mind.
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteTaking note onthese levels, thanks!
ReplyDeleteThe pair is consolidating below 110.00 level.
ReplyDelete