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متاتریدر 4
متاتریدر 5

USDJPY Bearish Correction Play (Apr 18, 2018)

USDJPY previously broke below support around the 109.00 major psychological level and has dipped to a low of 105.25 before pulling up.

Applying the Fibonacci retracement tool on the swing high and low on the daily time frame shows that the 50% Fib lines up with the broken support.

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside or that the selloff is likely to resume. Stochastic is turning lower from the overbought zone to show that selling pressure is picking up.

The US dollar has been able to regain some ground recently thanks to strong medium-tier data and a pickup in bond yields on cooling geopolitical risks. FOMC members have also dropped some optimistic remarks on economic growth and inflation, as well as the labor market.

18-apr-18-510

FOMC members Quarles and Dudley still have speeches lined up in today's US session that could further stoke tightening expectations. Japan has its national core CPI and tertiary industry activity index due before the end of the week, likely adding volatility to this pair as well.

By Kate Curtis from Trader's Way

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