USD/JPY drops quickly to fresh one-week low and then rebounds

Technical Analysis

Author: Justin Low | usdjpy

USD/JPY slid to a low of 113.66 and then rebounds back to 114.15 now

USD/JPY M1 26-11
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The bounce isn't suggestive of much as the pair is still down by 1% on the day but amid lighter trading conditions across the market, perhaps we are seeing some of the overextension curbed in trading at the moment.

The pair quickly fell from 114.00 to 113.66 but has just as quickly rebounded back to 114.15 in the past twenty minutes of trading.

For buyers, keeping above 114.00 will provide some comfort amid the disastrous circumstances today. Meanwhile, for sellers, it would be preferable to keep a break below the figure level in order to work towards a test of the 19 November low @ 113.59:

USD/JPY H1 26-11

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