Forex Market Analysis - 7th Feb 2016
The primary trend of USD/JPY is bearish on charts and price is trading below the trend line in its 4 hourly chart. In 4 hourly chart the price is below 200 day SMA and 50 day SMA indicating downtrend of the pair. It is having an important level of 116.80. If it breaks its trend-line (black line) on the downside and sustains below it then we can expect it to show further bearish movement in the pair.
If the pair breaks the level of 116.81, then we can expect it to test the levels of 118.
INDICATORS:-
MACD is sustaining in its negative territory although has crossed on the daily indicating a change in trend in the pair.
RSI is leaving its selling zone indicating the upcoming bullish trend in the pair.
STRATEGY:
USD/JPY is looking bearish on charts for next few trading session. One can go for sell on higher level strategy for this pair for intra day to mid term positions in it.
Please like and comment your ideas and good luck! :)
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