USDJPY has dropped to its lowest level since November 2014, falling below the key 115.00 level to a low of 114.20 early on Tuesday. The pair failed to sustain a rise above 120.00 and tumbled below it on Feb 3. The 50-day moving average was breached and since then prices have been falling to finally reach a 14-month low of 114.20 today.
The bias is bearish as the MACD is below zero. The 50-day moving average has crossed below the 200-day moving average, giving a bearish signal. The key psychological mark at 113.00 comes into view as an immediate support level, while 115.00 is now resistance to the upside.
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