The USD/JPY pair is
trading lower today, down with 0,4% at around 109.30. The Japanese yen is
showing charm on falling European indices while the US dollar is losing strength
ahead of G7 meeting.
Technically speaking the short term outlook remains neutral to bearish. On the four hour time frame the price is developing below its flat moving average. Currently the pair is consolidating between Fibonacci levels, below the 50% retracement of the May’s bearish slump, but right above the 38.2% level at 109.30. Stochastic is displaying sharp downward slope and is located within negative territory while RSI has lost directional stregth aroud its 38 level.
A daily close below the the current level will bring additional strength for bears to test the 109.00 region, which if broken will open doors for testing the monthly low at 108.10. Looking to the upside, bears would relieve around above mentioned 50% Fibo at 109.75.
Technically speaking the short term outlook remains neutral to bearish. On the four hour time frame the price is developing below its flat moving average. Currently the pair is consolidating between Fibonacci levels, below the 50% retracement of the May’s bearish slump, but right above the 38.2% level at 109.30. Stochastic is displaying sharp downward slope and is located within negative territory while RSI has lost directional stregth aroud its 38 level.
A daily close below the the current level will bring additional strength for bears to test the 109.00 region, which if broken will open doors for testing the monthly low at 108.10. Looking to the upside, bears would relieve around above mentioned 50% Fibo at 109.75.
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