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USDJPY consolidates after hitting fresh lows near 118 pivot; focus remains at the downside

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EURUSD The Euro maintains negative sentiment and hit fresh low at 1.0709 yesterday. Sharp fall left long red daily candle, broke and closed below pivotal 1.08 support, former higher base and daily Ichimoku cloud base and also cracked next support at 1.0725, Fibonacci 61.8% of 1.0519/1.1058 upleg. Today’s price action holds in a narrow range consolidation, with daily candle, being so far shaped in long-legged Doji candle, confirming indecision. Technicals are negative on all timeframes and favor

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