FXstreet.com (Barcelona) - Following a Wednesday trading session that was dominated by Japanese headlines, the pair has been performing notably worse Thursday, as investors have flocked in droves towards the sanctifying presence of the JPY, amidst the specter of risk. The beleaguered currency pair is currently underperforming its 50 and 100-hourly SMA, given the negative pressures it has incurred thus far across both Asian and European trading.
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.
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.
