FxWirePro: USD/JPY drops below 110.50 , more downside expected
The USD/JPY pair fell down towards 110,50 levels on Tuesday, extending its decline for second consecutive day as sentiment in stocks and commodity markets soured. The pair recovery towards higher levels has been limited …
The USD/JPY pair fell down towards 110,50 levels on Tuesday, extending its decline for second consecutive day as sentiment in stocks and commodity markets soured. The pair recovery towards higher levels has been limited since Monday, with seller stepping in on every short recovery.
The pair remains under bears control unless until it trades below 111.00 resistance level, therefore it is good to sell this pair on rallies.
To the upside, the strong resistance can be seen at 111.00, a break above this level would take the pair all the way towards 111.75 levels.
To the downside immediate support can be seen 110.40, a break below this level will take the pair to next level at 110.25.
