USD JPY continued under selling pressure
12/29/2016 11:17:43 AM
According to USD activities on forex market, The USD/JPY pair continued under selling pressure on market and expanded its slip more below 117.05 handle.
Now trading around 116.37 area, Thursday's release of somewhat positive ‘Summary of Opinions’ from BoJ added on to Wednesday's disappointing release of the US pending home sales data have been the key catalyst behind Thursday's downslide.
A follow through selling pressure below 116.55 support is probable to drag the pair towards 116.17 support area below which the pair is likely to expand the corrective slip more towards 115.45 horizontal support. On the upside, momentum back above 117.05 handle might now provoke strong persistence near 117.47 area, which if cleared might help the pair to make a fresh effort towards regaining 118.10 handle.
FOREX Fundamental Analysisactivities
Written by FxErvin