USD/JPY: 105.90/106.00 is becoming an area of pivot resistance now [Video]
|USD/JPY
The rally on Dollar/Yen has been struggling to hold its ground in the past couple of sessions, and it is interesting to see the move faltering around the overhead supply between 106.00/106.60. Monday’s candlestick had a sense of bull failure with it, especially now followed by yesterday’s mildly negative session. We continue to view this move as being a technical rally into resistance before the next selling phase emerges. The hourly chart shows 105.55 (Monday’s low) has all but held overnight, but a decisive move back below would effectively re-engage the negative pressure. Below 105.30 would re-open 104.17 once more. On a near term basis 105.90/106.00 is becoming an area of pivot resistance now as rallies increasingly struggle around the old key 106.00 floor. We favour a test of the 104.17 low in due course.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.