USD/JPY
pair has drowned into the deep waters today and marked a fresh yearly low at
110.72. Risk aversion and the falling bond yields are setting the Japanese yen
at best performer role among the currency players.
Currently the price is slightly recovering to trade now at 110.98, which can
not be considered seriously as the price is almost around two hundred pips below
the level it had at the beginning of the week.
Technically speaking on the H1 chart RSI is consolidating around 30 level and
stochastic is heading lower, which is
to indicate down slide risk. The four-hour time frame is showing bearish 20-day
and 50-day SMAs, that had crossed to below. Indicators are well placed within
oversold area and had lost directional strength.
Risk to towards the downside remains actual as long as the pair remains below
111.60 (key support has turned now to resistance).
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