USD/JPY Technical Analysis: March 14, 2017
The U.S. dollar is recovering influenced by the Downbeat Machinery Orders and Tertiary Industry Index. There is a negative outlook in the greenback after all the returns has been wiped out while the investors awaits for the next Fed meeting outcome.
Buyers wasn’t able to break the 115.00 mark that made them withdraw followed by an abrupt decline on U.S. dollar last Friday. It was seen to recover in the past night as it continued the downtrend comes morning. Sellers tried to move the price towards the 114.50 spot that halted them by mid-day.
The price maintained the price higher than the moving averages that are directed upwards. The Resistance is positioned at 115.00 level while the support was seen at 114.00 mark. The MACD declined implying that buyers are losing strength while the RSI moves downward that affirms the downtrend.
The pair is seen to weakened in the short-term and the downtrend is driven by the fed meeting up ahead. It hovers lower than the 114.50 level moving towards the next target at 114.00 mark.
|