USD JPY floundering to stay up in Forex market
3/20/2017 9:53:14 AM
Reaching to monthly low near mid-112.05s in Forex market, the USD/JPY pair has succeeded to rebound few pips and is currently floating around 112.67 level among quiet trading action on Monday.
A follow over selling pressure below mid-112.00s has the possible to pull the pair towards 111.67 important support, with some intermediate support near the 112.05 handle.
On the upside, any recovery efforts might now provoke immediate persistence at 120-day SMA near 112.95 round figure mark, which if cleared conclusively is probable to cause a short-covering rally towards 113.37 persistence, on the way 45-day SMA hurdle near 113.67 area.
FOREX market analysis by FxErvin.