Forex: USD/JPY Drops to 97.50

on Jun 24, 2013

Thus far today the pair has dropped by 0.86 percent and right now is staying around 97.50. If the daily candle closes below 97.55, an ‘engulfing’ candlestick pattern will form, which is a bearish sign.

The MACD divergence has been pushing the price to the downside and if the fall continues, the pair may test the support previously provided at 96.81 and even the 94.00 level.
The pair is trading above the 89- and 200-hours simple moving averages and between the MA89 and MA200 on the 4H and daily charts.
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