USD JPY trying hard to regain high in Forex market
5/30/2017 6:37:52 PM
The USD/JPY pair held up its regular recovery mode from two-week troughs got earlier today at 110.80, and now tried hard to reclaim 111.05 handle among progressing risk sentiment.
Pair’s breakdown around 112.05 levels last week, followed by a break below 110.95 levels has established a dropping top formation on the daily chart. The pair seems on way to test 110.25 and 110.07 levels. A daily close below 110.07 would establish a dropping bottom formation and shall open doors for a sell-off to 108.15. On the higher side, only a daily close above 111.87 would signal bearish invalidation.
FOREX market analysis by FxErvin.