USD/JPY closed lower for consecutive week, dragging down on
Friday to its lowest level for over a month at 111.00. The bad US macro data and
falling US Treasury yields with the additional US political jitters helped the
Japanese Yen to push higher.
Technically speaking the pair found support at the 61.8% Fibonacci retracement
of its latest upward leg (110.95). Meanwhile the price has crossed to below
the 20-day SMA. Indicators on the four-hour time frame are located within
extreme oversold area, nevertheless they had retreated slightly. Upward correction
seems to be limited now, having in mind that the price is moving quite below its
moving averages.
Anyway, next we are expecting important and major macro data that will stir the
market and will set more clear direction for the pair.
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