Technical Analysis – USDJPY bearish bias below 200-day moving average, 120 in focus
Posted on December 14, 2015 at 7:40 am GMTUSDJPY has traded below the 200-day moving average since breaking below it on December 9. The pair is testing the 50% Fibonacci retracement level at 120.89 of the rise from 118.05 to 123.74 (October to November rise). Next support is the 61.8% Fibonacci found near 120.22. Early on Monday prices pierced into the daily Ichimoku cloud before bouncing back to rest on the top of the cloud. Downside bias though is being highlighted by negatively aligned tenkan-sen and kijun-sen lines [..]