USD/JPY
lost more than 200 pips during past week and had marked the worst performance
in months. Most supportive for the bearishness occurred to be the rally in US
treasuries, latest economic numbers in US and Trupm’s actions. So on the back
of risk aversion amid geopolitical concerns, the Japanese outperformed during
the last week.
Since the pair surpassed to below the key support at 110.00, acceleration took
place and led to closure at 108.589.
Technical readings on the four-hour time frame are showing very bearish 20-day SMA.
RSI is located at around 30 level and has lost momentum. Stochastic is within
extreme oversold conditions and is displaying strong bearish trend.
Strong support is seen at 107.00 and for the days ahead, any run below 108.60
could be seen as corrective.
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