Richard Perry
Independent Analyst
USD/JPY
Our concerns for the rally on Dollar/Yen have been building in recent days. The resistance has been growing at 109.70 and the near term support at 109.40 has now been breached. A bearish outside day session with a decisive negative candle now open the likelihood of yet another retracement within the run higher. Momentum indicators have been struggling for traction in recent sessions and now following yesterday’s decline, the RSI is backing below 60, and Stochastics looking for a bear cross. There is a shallow uptrend since early September that comes in at 108.65 today and the rising 55 day moving average which is a basis of support on recent corrections at 108.75 today. Given the way that Dollar/Yen will tend to retrace breakouts in recent months, a retreat back towards the 109.00 breakout is now likely.
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