USD/JPY: bears keep up the pace below 111 handle
|Currently, USD/JPY is trading at 110.84 having posted a daily high at 111.17 and low at 110.82
USD/JPY starts out on the defensive having lost the 111 handle after US 10yr treasury yields fell from 2.26% to 2.22% at the end of last week's US session.
USA events: Fed and GDP eyed- Nomura
Analysts at Westpac noted that apart from oil prices, the resignation of the White House press secretary also attracted market attention and highlighted that Fed fund futures yields priced the chance of a December rate hike at around 43%. Posting one-month lows here, the week ahead will be key for the US dollar with the Fed and GDP data on the cards and while the 114 double top remains a compelling bearish scenario.
USD/JPY levels
Valaria Bednarik, chief analyst at FXStreet notes that the daily chart shows that the pair stands a few cents above the 61.8% retracement of its latest weekly advance at 110.90 the immediate support, having broken below its 100 DMA, adding, "technical indicators head sharply lower within bearish territory, all of which support a bearish extension. In the 4 hours chart, technical indicators have bounced modestly from oversold readings, but are far from supporting an upward correction, with the price also developing below its moving averages."
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