USD/JPY forex technical analysis D1 | Our expectations:
Downward trend, lower highs and deeper bottoms. A correction is now underway and it is good to search for an entry around 107.7-108 zone.
1,2,3 formation is likely to keep the pair moving south, as the price is currently inappropriate for entry and awaiting correction to minimize risk.
Indicators:
Price below 50 and 200SMA.
DeMarker - oversold, a downward impulse is possible
Fundamental: The US Federal Reserve will be forced to cut interest rates in an attempt to boost slowing economic growth. Markets are already pricing three interest rate cuts before the end of the year, starting at the next July meeting, with the boldest projections reaching five cuts by the mid. of 2020.
Alternative Scenario: Breaking the price above the resistance zone will break the negative scenario for the pair.
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