USDJPY keep going through weakness in Forex market
2/16/2018 10:11:09 AM
The USDJPY pair stayed under some strong selling pressure for the 5th successive session and broke below the 106.11 handle for the first time since Dec. 2016.
“The selling pressure now seems to have abated a bit, at least for the time being, amid near-term oversold conditions, with bulls now trying to defend monthly 180-EMA support near the 105.77 region.”
On a larger pattern of things, the pair looks set to test 103.05-102.10. A slight corrective rally could be seen but is probable to be covered around the downward sloping 1-hour 80-EMA currently positioned at 106.73. The momentum studies on the daily chart are biased bearish - the 10-day EMA and 15-day EMA are trending lower. So a small increase above 107.15 are probable to be short-lived. Only a weekly close above 108.03 would signal bearish refutation.
FOREX market analysis by FxErvin.