Jun 14 2018

USDJPY:- Struggles to break 111 mark

USDJPY:- On the technical chart, the pair USDJPY has fallen back after testing the major resistance zone – which lies at around 111.00 mark. A downward sloping trend-line – connecting the lower highs from October 2017 to May 2018 is projecting a critical resistance for USDJPY. Yesterday(13/06/2018), the pair has formed a single candlestick reversal of Doji family namely “Gravestone Doji” at the top of resistance line. Momentum indicators(MACD and RSI) are completely neutral not giving any major signal. Immediate support of the trend channel is at around 108.00 level, we suppose that USDJPY can again test back the 108.00-108.20 mark in coming weeks. Any convincing break above the trend channel will negate the above view.