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USD/JPY bears taking charge in Tokyo

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/JPY is currently trading at 113.25 on the offer in early Tokyo, with a high of 113.38 and a low of 113.13.

    USD/JPY has been persuaded lower by the convergence of the ma's on the hourly sticks with the 200 crossing below the 100 sma and the price capped by the 20 sma on the same time frame. The move commenced in the US shift with the S&P index down along with the rest of Wall Street and US yields also in the red. For today, we are at the end of week on a vacant calendar, where some positions will be squared off ahead of the US CPI data in the US shift as the main event, expected higher than Decembers.

    Oil is another catalyst in the major currently that has been correlated to the price action, but today, oil has been holding onto weekly gains yet we have seen an inverse relationship.

    Oil settles slightly up, holds onto weekly gains

    Technically, Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the moving averages are accelerating their declines well above the current level, while the RSI indicator anticipates a continued slide by heading lower around 44. "A break below the mentioned weekly low should see the price declining down to the 112.50 region, a strong static support level, while a weekly close below this last level, exposes it to retest the low set this month around 111.00."
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