09.07.201505:40 Forex Analysis & Reviews: Technical analysis of USD/JPY for July 09, 2015

Long-term review

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As we expected earlier, Fed's decision influenced the greenback. We have been recommending selling USD against JPY for a while. USD fell to a 7-week low against JPY at yesterday's session.

Earlier,the pair made a top at 124.45, fell, and close below 122.48, which is the channel lower band. Prio to a fall, the pair consolidated between 124.45 and 122.48 breaking the lower end of the band.

The pair lost the 20,50,100Dsma and 100Dema as well. It is trading below 20Wsma seen at 121.15. As per the previous trading consolidation range calculation, the pair found a mild support between 120.40 and 119.80. The hourly momentum oscillators indicate the oversold market.

On the deep down side, strong support is found at 118.40 and 117.80 200Dsma and 200Dema is seen there. The double bottom was framed between 118.30 and 118.50.

At today's Asian session, the pair is trading at 121.17 compared to Wednesday's closing price of 120.70. Intraday resistance is seen at 121.30, 121.50, and 121.90. Use a rise to sell following the trend.

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