After the
fundamentals yesterday USD/JPY fell with over 500 pips and today it broke below
the support at 107.60 and continued falling, forming a new low. The bearish
trend clearly continues for now and the pair will likely continue falling at
least until it reaches the next major level of support, which is at 103.80 and
coincides with (MA)89 on the monthly time frame. While I have little doubt that
USD/JPY will reach that level and soon, the question is what follows next? A
possible breakout below the support could lead to a further drop to 100.00. On
the other hand, if the pair bounces off 103.80 it could retrace back to 107.00.
The lack of additional measures by the Boj had a significant impact on the markets.
ReplyDeleteWell explained.
ReplyDeleteBig drop on USD/JPY.
ReplyDeleteThe unstoppable bearish trend seems has a little pull back, but downside pressure remains.
ReplyDelete