USD/JPY: Fledgling Down-Trend Meeting Robust Support At 50-Day MA
Forex4you | Mar 25, 2015 07:25AM ET
The USD/JPY has fallen to a region of support at the 119.60 level provided by the 50-day MA and the upper border of a incomplete but persuasive-looking triangle pattern.
The v.short-term trend, visible on the 4-hour chart has probably turned bearish now, so we could expect more down-side as the fledgling down-trend evolves. Apart from the 50-day and the border line the next main obstacle preventing more downside is the monthly pivot at 118.93.
Ideally I would want to see a clearance below the monthly pivot including a 20-point margin – so below 118.73, for confirmation of further downside to support at 117.39.
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