USD/JPY Responds to Weekly Support but Remains Downside
By: Eddy Peng Jan 19, 2018
In this week’s movement of USD/JPY, it is highlighted that there’s a key near-term support confluence in USD/JPY, which was depicted as a grey channel line. The price could see some rebound this week after this recent decline but the focus remains weighted to the downside.
For the broader outlook, if we traced back to the movement pattern started from early January last year, it is still constructive in a descending momentum, though it is not steeper than the shorter-term channel.
In conjunction with the Relative Strength Index (14) applied, lower highs of the indicator show the declining RSI has set a barrier for its rally.
Figure 1: USDJPY Daily
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