-
USDJPY consolidates at 50.0% Fibonacci, squeezed by Bollinger bands
USDJPY is currently resting at the 108.43 level, which is the 50.0% Fibonacci retracement of the down leg from 112.39 to 104.45. The pair appears to be adopting a short-term sideways move, something also reflected by the mostly flat 100-day simple moving average (SMA), the convergence of the 200- and 40-day SMAs and the price squeeze by the Bollinger bands. The technical oscillators suggest that upside momentum has dried up. The MACD remains in the positive zone below its red trigger line, but is starting to flatten out, while the RSI is presently flat at its neutral mark. If sellers start to pick up, steering the ... (full story)