The USD/JPY has been going southwards. The pair traded southwards last week, to corroborate the presence of bears. Since January 8, 2018, price has lost 830 pips. Last week, it lost 170 pips, after testing the supply level at 106.50. Since there is a huge Bearish Confirmation Pattern in the market, the price can still reach the demand levels at 104.50, 104.00, and 103.50 before the end of this week.
The price does not move in a straight line, and therefore, a rally may occur along the way, but it should not be something that would override the extant bearish outlook on the market. A rise in momentum is expected.
The material has been provided by InstaForex Company – www.instaforex.com
USD/JPY
The USD/JPY has been going southwards. The pair traded southwards last week, to corroborate the presence of bears. Since January 8, 2018, price has lost 830 pips. Last week, it lost 170 pips, after testing the supply level at 106.50. Since there is a huge Bearish Confirmation Pattern in the market, the price can still reach the demand levels at 104.50, 104.00, and 103.50 before the end of this week.
The price does not move in a straight line, and therefore, a rally may occur along the way, but it should not be something that would override the extant bearish outlook on the market. A rise in momentum is expected.
The material has been provided by InstaForex Company – www.instaforex.com
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