Richard Perry
Independent Analyst
I have been talking about some of the key charts that the US dollar is suffering in which are on the brink of significant moves that would continue a dollar correction. Dollar/Yen seems to be another one of these as the key support at 119.40 comes under continued pressure. Not only that but also the 2 month uptrend is being tested too. The momentum indicators are interesting as the RSI is now testing the levels it got back to in February, whilst the Stochastics are already at a 2 month low. The pressure is mounting and if the support of 119.40 is broken then there could quickly be a retreat towards 118.30 which is around the late February lows and really begin to suggest that the dollar bulls had relinquished any sort of near/medium term control. Hourly momentum indicators continue to deteriorate and it would need a move above 120.60 for the bulls to claw back a sense of ascendency.
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