USD/JPY Analysis - page 89
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The short-term outlook for USD/JPY remains bearish. On the four hour time frame the price is hovering around the 200-day SMA, but unable to fight it. RSI and stochastic corrected from their extreme oversold territories before resuming their declines, and are back into the seep. A strong recovery above 112.60 would bring back the positive bias, but while staying undecisive around 112.00, the risk leans towards the downside.
Bears are pushing lower and USD/JPY is now situated below the 112.00 handle. During the upcoming session the pair will meet the key support provided by the 100-day SMA around 111.50.
USD/JPY has recovered today and currently is trading around 112.20. However the sentiment remains bearish as on the four hour time frame the price is developing below the 100-day and 200-day SMAs, both looking for direction. RSI and stochastic have lost upward strength after has coressed their midlines. 111.90 remains risk zone and in case bears return toit, next target is seen 111.50.
USD/JPY retreated from the daily high at 112.39 and currently is hovering around around 112.25. Technical indicators on the four hour time frame had lost directional strength after the early advance today and now are offering silence instead of certain direction.
USD/JPY – 4H Chart
Possible bearish pattern , with a probability of a Sharp Correction in Minuette (ii) (black), which could lead towards a bearish impulse in Minuette ( iii -1.43% ) (black).