Briefing the outlook of the USD/JPY, “The cross has pushed sharply to the downside again forcing a RSI 14 below the value of 50.00 as seen on the provided daily charts. Conversely, the MACD is still positive with stability above the 76.4% Fibonacci retracement level. Henceforth, we believe that the risk versus reward ratio is very high for intraday traders as a break below the 77.60-77.30 region will suggest very negative indication over short-term basis.” writes the analyst team at ICN.com
Earlier today in the Japanese economy, the Japan Machine Tool Builders association released the Prelim Machine Tool Orders, showing a decline of -2.7% in August, relative to a -6.7% drop incurred in the previous month.
Presently speaking, the USD/JPY has bounced off its intraday minimum of 78.04, settling in these moments at 78.23 – at this level, the pair has incurred a loss of -0.18% on the day. According to the technical analysts at Mataf.net, the pair will be steadied by supportive means at 78.03, 77.66, and finally 77.06.