USD/JPY: The safety of the yen is the place to be right now [Video]
|USD/JPY
The safety of the yen is the place to be right now as the dollar continues to see corrective pressure. This is dragging Dollar/Yen sharply lower and the move is breaking key near term supports to eye a test of key medium term levels. The volatility on the pair continues to climb, with the Average True Range at 74 pips around a six month high. A renewed bearish candle yesterday and further losses early today is breaching support at 109.50 to now open the February low at 108.30. The key level to watch now is at 107.65 which is the 2020 low and a breach would mark a decisive end to the dollar positive medium term outlook. Near term momentum is clearly negative right now, with sell signals through MACD and Stochastics, whilst RSI has further downside potential in the run lower too. Resistance is now in the band 109.25/109.70.
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