Another decisive negative session on USD/JPY [Video]
|USD/JPY
Another decisive negative session on Dollar/Yen has pulled the market clear below 105.10. This has opened a test of 104.15 in due course. We see near term strength as a chance to sell now. The downside break of the old 105.10/107.00 range implies around -190 pips wich means 104.15 at least. Furthermore, the old lows of the range, between 105.10/105.40 is now a sell zone. There is more considerable resistance 105.75/106.00 but given the configuration of momentum and downside potential, we see a rally as unlikely to last long before selling pressure kicks in again. Yesterday’s low of 104.50 is initial resistance.
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