USD JPY Fluctuate in the handle
7/28/2017 3:38:12 PM
During Forex market activities, Succeeding yesterday's fickle fluctuate, the USD/JPY pair came under some new selling pressure on Friday and was seen flirting with the 111.10 handle.
Previously on Thursday, the pair expanded post-FOMC retracement from weekly tops near the 112.25 area and fell back closer to one-month lows around 110.83 area. As the day improved, the pair presented a goodish recovery and touched a session high level of 111.70, supported by broad based dollar recovery.
After the validation of the bullish reversal on Tuesday, the small increase have been met with fresh offers. Consequently, one may confirm a sell-off to 110.11 levels, though; it is worth noting that Monday’s candle low of 110.65 has stayed unchallenged… Dips below 111.00 have been short lived this week. So, it is safe to surmise the bears stand exhausted and the spot is on track to revisit the upward inclined 200-EMA f 112.06.
FOREX market analysis by FxErvin.