ZuluTrade Blog

USDJPY: Daily Technical Outlook

Market View | Tuesday, July 18, 2017 7:41 AM GMT

The pressure remains on the downside for the USDJPY and sets the stage for the next downward extension. Yesterday the pair failed to close above 21 EMA and it was slumped to fresh lows today. It is currently losing the 38% Fibonacci level while the next potential stop can be 50% level. Heading to H4 timeframe, we have noted a falling channel (C1) which can be used our intraday trend guide. On the hourly timeframe, we have noted a possible ABCD pattern targeting to 50% as well the lower side of the channel (C1).  A bullish breakout above 112.7 will negate the intraday negative outlook and buyers may target the 200 SMA. Overall, as long as price stays below 200 SMA in hourly, the trend is still bearish.





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