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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