USDJPY Analysis: Plunges early on Tuesday
|The US Dollar remained steady against the Japanese Yen on Monday, as it was trading in a narrow 108.70/50 range.
This lack of direction changed rapidly during the Asian session when the Greenback plunged 85 pips within a couple of hours down to the weekly S1 near 108.00. In case this massive fall continues, losses should be limited by the monthly S1 located at 107.20.
This strongly bearish sentiment during the first part of the day has sent technical indicators in the oversold area. Thus, it is likely that bulls use this opportunity to re-gain some of their lost positions. This expected advance should be limited by the 55– and 100-hour moving averages and the weekly PP circa 109.00.
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