There is a rally on the USD/JPY; in the context of a downtrend, but that was not significant enough to threaten the overall bearish bias on the market. A movement above the supply level at 106.50 would cause a bullish bias to be threatened, but that would require a strong buying pressure. A movement to the south would corroborate the existing bearish bias.
There are mixed signals in the market. The RSI period 14 has crossed the level 50 to the upside; but the EMA 11 is yet to cross the EMA 56 to the upside. Further movement to the upside would result in a Bullish Confirmation Pattern, while a movement to the downside would result in a Bearish Confirmation Pattern.
The material has been provided by InstaForex Company – www.instaforex.com
USD/JPY
There is a rally on the USD/JPY; in the context of a downtrend, but that was not significant enough to threaten the overall bearish bias on the market. A movement above the supply level at 106.50 would cause a bullish bias to be threatened, but that would require a strong buying pressure. A movement to the south would corroborate the existing bearish bias.
There are mixed signals in the market. The RSI period 14 has crossed the level 50 to the upside; but the EMA 11 is yet to cross the EMA 56 to the upside. Further movement to the upside would result in a Bullish Confirmation Pattern, while a movement to the downside would result in a Bearish Confirmation Pattern.
The material has been provided by InstaForex Company – www.instaforex.com
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