USD JPY expands recovery momentum
2/1/2017 10:35:37 AM
After yesterday's decline to two-month lows according forex market activities, the USD/JPY pair performed a fair recovery on Wednesday and is now continuing to its move back above 113.15 handle.
A follow through buying interest is likely to help the pair towards 113.85 persistence area above which the pair appears all set to regain 114.15 handle and head towards testing its next persistence near 114.57 area.
On the downside, decline back below 113.15 handle now appears to find support near 112.77 area, which if broken is probable to turn the pair at risk to carry on with its recent downslide back towards testing 112.05 handle, with some intermediate support near 112.55 area.
FOREX market analysis by FxErvin.