It was quite interesting day
for the USD/JPY pair, which marked an impressive high at 113.054, a level not
seen since mid March. But bulls gave up during the US session and led the pair
towards 112.38.
Nothing certain could be said about the greenback, having in mind that DYX
moved below the 99.00 level and the catalyst should be looked around elsewhere.
US stocks are lower, but succeed to trim some of their losses. US Treasury
yields pushed higher and marked fresh weekly highs, which somehow limited the
Japanese Yen's gains.
Technically speaking, the pair is situated well above the 100-day and 200-day
SMAs, while the 20-day SMA is keeping its bulish stance. The four-hour
time-frame is showing that RSI and stochastic had moved sharply lower and are
heading towards oversold area, with string bearish momentum.
Currently the pair is unable to break the strong dynamic resistance, that is
standing at 112.50. Bears are dominating now with next target seen at 112.00.
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