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USDJPY trades in extended consolidation, capped by strong 118 barrier

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EURUSD The pair returned into bear-channel off 1.1058 peak, following yesterday’s false break above 1.0940 platform and upside rejection at 1.0967. Yesterday’s bearish daily candle with long upper shadow, signaled renewed downside pressure. Channel resistance line, reinforced by daily 20 SMA, caps for now and marks initial resistance at 1.0895. Daily MA turned again into bearish mode, as yesterday’s easing closed below pivotal daily 30SMA support at 1.0860. Also, daily momentum studies moved

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