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USD/JPY breaks out support at 111, Oscillators lead bear swings

FX:USDJPY   U.S. Dollar/Japanese Yen
215 1 7
Break-out below major supports at 111 levels (lower BB, Avrg. of recent lows) signals more scope for downside to targets upto 109.698 or 108.029 levels. 

RSI and  Stochastic oscillators on both daily and weekly graphs are indicative of further declines. 

21DMA crossing over on 7DMA has been observed, which is a bearish continuation signal (it is evident on both daily and weekly chart). 

On a broader perspectives, nothing much varied stances from daily observation but leading oscillators are approached but no trace of buying indications.

Instead, these indicators are evidencing downward convergence to the price dips.

%D crossover even below oversold zone on weekly plotting have been convincing that the selling momentum is still strong.

Trade tips:

Keeping the ongoing bear trend in mind we reckon, we advocate "One touch binary put option" which are cash-or-nothing contracts for intraday bearish speculation.

Nevertheless, short term bears can eye on shorts in near month futures for targets of 109.698 and 108.029 levels with stiff stop loss of 111.500 levels.

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DinhVanThach
8 months ago
i think you may be wrong with this one. Usd Jpy have correlation w Nikkei. Nikkei found strong support and so Usd Jpy is. Using Fibonaci in weekly you will see 1.618 extention around 110
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