The pair tried to strengthen after the Bank of Japan’s decision to leave the current monetary policy unchanged. However, the pair showed a reversal and the price steadily went down. The US published a consumer price index for February on the level of 0,3% m/m (the previous value was 0,0% m/m, the forecast was 0,2% m/m).
The first support resides at 112.20, the next is at 111.40. The first resistance stands at 113.00, the next one is at 113.80.
There is a non-confirmed and a strong sell signal. The price is under the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a neutral territory. The price is decreasing.
If the price fixates below the support 112.20, it may continue the downward trend in the short term. The potential target is 111.40.