USD Fell over four week versus JPY
7/25/2017 2:55:10 PM
According to Forex market The USD/JPY pair extended its descending path and fell to over four weeks slump near the 110.60 area.
Friday’s close below 111.00 did open doors for additional sell-off to 110.12 levels, though, the 4-hour CCI and the 1-hour CCI are both oversold at. Therefore, a recoil to 111.70-111.90 could be seen, specifically if the next hourly candle shows a bullish price action.
Only an ascending break of the dropping channel would signal the sell-off from the high of 114.51 has ended. On the flip side, a disappointment to take out 111.70-111.90 tracked by a break below 110.97 could yield a sell-off to 110.20-110.05 levels.
FOREX market analysis by FxErvin.