USD JPY improved its movement
12/6/2016 9:11:35 AM
After a first dip to 113.47 level, the USD/JPY pair succeeded to recover its lost ground and has now move back to 114.10 handle.
The pair on Monday failed to build on to its strong gains and once again reversed from 114.80 persistence area. Looking at the wider picture, the pair's corrective slide has been short-lived and therefore, the recent price action could be classified as near-term consolidation level following its post-US election sharp up-surge of around 1348-pips.
On a conclusive move back above 114.10 handle, the pair is probable to dart back towards 114.55 intermediate persistence before trying a move back towards 114.83 strong persistence. A clear break through 114.80 persistence might now appears to quicken the up-move immediately beyond 115.05 psychological mark towards testing its next major persistence near 115.90 round figure mark.
In the meantime on the downside, decline below session low support near 113.47 level appears to take the pair back below 112.95 handle, towards testing 112.75 support area below which the corrective slide could get expanded towards 112.10 mark, with 112.65 level providing some intermediate support.
Written by FxErvin