Japan's currency this week finished in positive territory, aided by a new wave of multi-directional discussion of the monetary policy of the Japanese Central Bank and the Federal Reserve.
Consolidation in the pair was replaced by a deep fall against the backdrop of disappointing macroeconomic data from the United States. It increases interest in the Japanese currency, which contributed to the breakdown of the supports in the area of 108.20 and 107.40. Sellers met on his way a strong support 106.60, which stopped the decline below.
Resistance is the level of 107.40.
The MACD is in the negative zone, the signal line inside the indicator. Indicator continues to decline and gives a sell signal. RSI Oscillator is in the oversold zone.
Forecast USD / JPY today
The currency pair will continue to dominate the sellers, sending quotes to new lows. The first target for the bears perform 106.60, the breach would open the way to 105.80.
Source Fort Financial Services