USD/JPY Technical Analysis: February 17, 2017
The U.S. dollar traded against the Japanese yen was under an intense selling pressure resulting to a Bearish sentiment. This was followed by a sudden drop. The traders broke the level at 114.00 during the beginning of the session but reversed by night as the price fell. European traders tried to move the price to decline and reach the 113.50 level during the mid-European session. The Resistance level was seen at 114.00 while the support was positioned at 113.00 mark.
The price was seen to break downward at 200-EMA chart while the price maintained its range both in the 50 and 100-EMA for the day. Particularly, the 50-EMA chart gave a bullish tone while the other two, 100-EMA and 200-EMA, moves downward. As for the MACD, the price decreased implying the weakened stance of buyers. Yet, the RSI entered the Neutral area coming from the Oversold area.
Traders target now the 113.50 mark. If the price stays below the said level, the pair could further go down towards the 113.00 level which will bring back the buyers to dominate the market.
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