USD/JPY Weekly Technical Report 8/2/2016
ecPulse
2016-02-08 11:54AM UTC
According to our previous analysis, the USDJPY pair has plummeted towards 116.40-116.30 zones, which represent one of our detected targets, but this support has pushed the pair again upwards again.
Currently, USDJPY is trading below 23.6% Fibonacci at 117.75, while RSI and ADX couldn’t give off reliable signals for the next big move.
Hence, it is better to stand aside, as risk versus reward ratio is inappropriate.
However, any sharp attacks on intraday support of 116.80 may bring the bearish picture back into focus.
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