USD/JPY Daily Technical Analysis for May 17, 2017

USD/JPY Daily Technical Analysis for May 17, 2017

We have seen a massive downfall on the pair yesterday and it was already predicted by 200 Forex Pips. The pair has dropped from 113.0 level and now its deciding the today’s move at 112.0 level. As per the technical analysis it seems that selling pressure can be seen in the next 10 hours.

I am expecting a drop till 11160. If the pair again moves up to 113.0 level then it means that selling pressure will be going to end and we will find more buyers on the pair.

USD/JPY Daily Technical Analysis

USD/JPY Daily Technical Analysis

Even, If you look at the trading system it has provided us with a sell signals from the top red boundary and today the pair is way down to the lower red levels which are the over bought levels but we have not seen any bullish candles till now which is showing us the weakness of the pair.

Possible trend for today: Bearish

 

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