USD/JPY Current price: 117.61
View Live Chart for the USD/JPY
Bearish potential increases, 116.10 possible. Another round of risk aversion triggered by China sent the USD/JPY down to 117.32, the lowest since Chinese Black Monday late August. The Yen's strength accelerated, and the pair trades in the red for a fourth consecutive day, which leaves the daily technical indicators in oversold territory, although still heading south and supporting some further declines. In the shorter term, the 1 hour chart the price has been consolidating below 117.70 and the moving averages have accelerated their declines well above the current level, whilst the technical indicators are heading lower near oversold levels. In the 4 hours chart, the technical indicators have stalled their declines around oversold readings, not yet confirming further advances. The technical picture is clearly bearish, but the US will release its Nonfarm Payroll report this Friday, which may interrupt, at least temporally, the ongoing JPY strength.
Support levels: 117.25 116.80 116.50
Resistance levels: 117.90 118.40 118.80
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