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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