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USD/JPY: price continue to fall

FX:USDJPY   U.S. Dollar/Japanese Yen
57 0 4
Current trend

Demand for the Yen remains high amid difficulties and risks the global economy is facing. The American Dollar does not manage to show a strong growth being under pressure from mixed macroeconomic data, released in the US. As a result, the USD/JPY             pair reached the key support level of 103.50.

Today market participants are following Fed Chair Janet Yellen’s Congressional Testimony, and later this week, attention needs to be paid to US labour market statistics and data on the Durable Goods Orders.

Support and resistance

Despite of an upward correction today, the price is likely to remain within a descending channel and head towards the key support at 101.00, which is the lowest level since 2013. It also should be noted that the price might start moving sideways within the range of 101.00-107.50.
According to technical indicators, the pair tends to continue its downward movement. MACD histogram is in the negative zone, and its volumes are growing. Bollinger Bands is directed up. The price remains above Tenkan-sen and Kijun-sen lines of Ichimoku clouds .

Support levels: 104.15, 103.50, 102.65, 102.05, 101.00, 100.30, 100.00, 99.70.
Resistance levels: 105.05, 105.90, 107.00, 107.50, 108.75, 109.30.

Trading tips

It is recommended to build up on your short position from the levels of 105.05, 107.00 with the target at 101.00 and stop-loss at 107.90.
More analytic from LiteForex:
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