USD/JPY: favouring the ECB downside, watch 112.10

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/JPY is mixed on the open in Tokyo, while desks soak up the action overnight where the ECB gave markets a roller coaster of a ride.

    Draghi rescued the euro bulls - BTMU

    Markets were quick to turn risk-off when digesting the announcements by the ECB that initially had the euro on the back foot, well, out the back door, and then in Drgahi's presser, there was a massive turnaround of events that sent the Yen to the moon, rallying over 2 big ones. Today is going to be lacking of events and focus stays with the technical outlook.

    ECB made bigger changes than expected - Westpac

    USD/JPY levels

    Valeria Bednarik, chief analyst at FXStreet explained that the short-term, and according to the 1 hour chart, the pair can continue falling during the upcoming hours, given that the price is well below the 100 and 200 SMAs. "In the 4 hours chart, the technical indicators have turned lower, and are currently crossing their mid-lines towards the downside, supporting additional declines particularly on a break below 112.10.".
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