USD/JPY
This currency trading instrument moved in a range earlier this week. A faint bullish attempt was made, but the attempt was halted at the supply level of 106.50. Price went bearish from that supply level (shedding 170 pips) and going below the supply level at 105.00. Further bearish movement is a possibility.
The EMA 11 has crossed the EMA 56 to the downside, and the RSI period 14 has crossed the level 50 to the downside. There is a clear Bearish Confirmation Pattern in the market, which would become stronger as the market goes further downwards.
