USD/JPY Current price: 118.30
The USD/JPY pair sunk to 116.13 with the American opening, a few pips above this year low set last January at 115.84. The pair recovered over 200 pips, but remains 350 pips below last Friday's close. The recovery is going alongside with Wall Street bounce, but ever since the pair has broke below its 200 DMA, the bearish trend is likely to prevail. Shorter term, the 1 hour chart shows that the technical indicators are bouncing from extreme oversold readings, going with price rather than anticipating additional recoveries. The pair has an immediate short term support at 117.80, which means it will take a break below it to confirm additional declines today. Advances up to 118.80 will likely be seen as selling opportunities, as only a clear recovery beyond 119.60 be enough to discourage bulls.View Live Chart for the USD/JPY
Support levels: 117.80 117.30 116.65
Resistance levels: 118.80 119.20 119.60
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