USDJPY: Sells Off On Loss Of Upside Momentum

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USDJPY: Having the pair sold off hard on Tuesday, further downside pressure is likely in the days ahead. On the downside, support comes in at the 119.50 level where a break if seen will aim at the 119.00 level. A cut through here will turn focus to the 118.50 level and possibly lower towards the 118.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 120.50 level. Further out, we envisage a possible move towards the 121.00

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