USD/JPY Analysis: Moves to south in descending channel
|Because of release of better than anticipated information on the American Core Retail Sales as well as the pressure from 55-, 100- and 200-hour SMAs, the currency rate broke through support zone located between the 112.70 and 112.62 marks. During trading session the pair is expected to continue moving to the bottom due to absence of any barriers on its way up until the 112.00 mark. Generally, a new rebound might happen only at the 38.2% Fibonacci retracement level located just at the 111.65 mark. This assumption is supported by the fact that rate is fluctuating in a junior descending channel. On the other hand, an empty economic calendar as well as very intense previous three trading days suggest that fall of the rate might will be stopped already near the above support at 112.00.
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