USD/JPY: Signs of life thanks to the Dollar selling pressure [Video]
|USD/JPY
Finally some signs of life in Dollar/Yen as the tedious run of candles that do little and go nowhere is being broken by selling pressure on the dollar this morning. With a move below 107.30 the market is taking a negative bias within the 106.00/108.10 consolidation range. Momentum indicators have been so stagnant over the past couple of weeks that they are responding decisively to this move too. Stochastics swinging lower, along with RSI at a three week low. A close below 107.30 would imply a confirmed shift in sentiment towards being USD negative. A downside target of -80 pips towards 106.50 and if the support at 106.70 is breached within this move it would effectively re-open a test of the 106.00 range low. Resistance is initially at 107.30/107.60.
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.