Thursday 7 September 2017

USD/JPY Reached fresh 2017 low

During the early US session the USD/JPY marked fresh 2017 low at 108.04, having posted 0.6% losses for the day with current market price 108.55. The move to the downside is supported by the greenback’s weakness due to the bad US employment results along with ECB's announcement and adding concerns about Hurricane Harvey. 
The pair bounced from the daily low mostly due to the US Treasury yields that plunged to levels below November's lows. 
On the four-hour time frame the price is developing well below its bearish SMAs, while technical indicators keep moving to the downside. 
Despite of the 50 pips recovery, the risk remains to the downside. First support is seen at 108.10 and in case of increased selling interest the pair will be dragged lower to 107.70-30 area. 



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