FXStreet (Bali) – Following the sharp sell-off on BOJ Kuroda’s comments, Valeria Bednarik, Chief Analyst at FXStreet, writes on her daily report that the risk in USD/JPY remains to the downside.
Key Quotes
“The 1 hour chart shows that the price fell far below its 100 and 200 SMAs, now in the 124.30/40 region, whilst the RSI indicator remains flat near oversold levels, and the Momentum indicator advanced towards its mid-line, correcting extreme readings.”
“In the 4 hours chart the pair extended its decline below a bullish 100 SMA, whilst the Momentum indicator maintains its bearish tone in extreme oversold territory, whist the RSI indicator hovers around 30. The risk remains towards the downside, with a break below the mentioned low exposing the pair to a continued slide towards the 121.00 region during the upcoming sessions.”
(Market News Provided by FXstreet)