Forex: technical overview 11.01.18

USDJPY

The pair is still under pressure following the news that the Bank of Japan is to reduce the government bonds purchases by 5% in 10 and 25 years, which is perceived by the market as a possible start of the monetary policy change.

The price is below the middle line of the borders of Bollinger bands, above EMA 5, but below EMA 13. RSI is leaving the oversold zone. Stochastic oscillators are doing the same.

Trading recommendations:

The pair may correct to the mark of 112.00, but if it doesn’t pass it, it’s likely to continue falling down to 110.85.