USD/JPY Technical Analysis: November 2, 2016
The assumptions regarding the delay of the monetary policy of BoJ were bygone just as the regulator made a reduction according to inflation forecasts. The recent news made an insignificant effect against the pair. The upward notion suddenly lose impetus and the pair also dropped its latest highs, making trades within the 105.00 major level amid the EU session.
The price toggle on every level and tried to reach an upside potential causing the sellers to keep an eye over the 105.00 region. Moving averages plummeted according in the 1 hour chart. The price break the entire moving averages then settled in a lower direction within the same chart.
Resistance rested at 104.50 level, support sustained the 104.00 region. MACD lies in the positive territory. The histogram declined which attest a weak position for the buyers. RSI occupied the oversold area.
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