FXstreet.com (Córdoba) - Despite the positive market sentiment and the rise in US yields, the dollar fell to a fresh day's low versus the yen in recent dealings. After failing to break above the 78.50 area during the Asian session, USD/JPY turned lower and, regardless of short-lived rebounds, it has been slowly declining throughout the day.
USD/JPY recently dropped to a fresh low of 78.29 and it is currently trading around 78.32, 0.2% below its opening price.
"Near-term price action gets congested at 78.30/45 zone, following reversal from 78.55, recovery high, posted yesterday", says Slobodan Drvenica analyst at Windsor Brokers Ltd. "Weakening hourly studies and break below trendline support, sees more risk towards the downside, as loss of 78.20 would bring strong 78.00 base in focus".
"On the upside 78.55/60 zone caps for now and only break here would revive bulls and possible expose key near-term barriers at 78.80 and 79.00", the analyst added.
USD/JPY recently dropped to a fresh low of 78.29 and it is currently trading around 78.32, 0.2% below its opening price.
"Near-term price action gets congested at 78.30/45 zone, following reversal from 78.55, recovery high, posted yesterday", says Slobodan Drvenica analyst at Windsor Brokers Ltd. "Weakening hourly studies and break below trendline support, sees more risk towards the downside, as loss of 78.20 would bring strong 78.00 base in focus".
"On the upside 78.55/60 zone caps for now and only break here would revive bulls and possible expose key near-term barriers at 78.80 and 79.00", the analyst added.
