The outlook on the yen is also settling down and the consolidation is seeing indicators plateau around neutral. The MACD lines are around neutral, whilst the RSI is just in the low 40s, whilst Stochastics have stopped falling. There is though still a slight bearish bias to the outlook now for the near to medium term with the intraday hourly chart showing that the old support band around 119.40 is now acting as an area of resistance. Although there is no explicit selling pressure in the near term a failure of minor support at 118.90 would begin to suggest a drift back towards a test of the key low at 118.30 again. Wit would probably take a breach of the resistance at 120.00 to suggest the bulls were gaining some sort of near term control.
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