Richard Perry
Independent Analyst
USD/JPY
In these times of uncertainty and a lack of conviction on risk appetite, it should come as little surprise that Dollar/Yen has had a mixed few sessions. However, with the failure around 106.00 and the re-engaging of what is approaching a four month downtrend, we continue to see a negative bias to the medium term outlook. It suggests that near term rallies will continue to fade. The rally in June fades around 108.00, in August around 107.00 and now in October around 106.00. It points towards ongoing downside pressure on the 104.90 October low and then below towards 104.00. The medium erm downtrend is at 105.95 today. We see on the hourly chart there is a slight breach of a near term downtrend, but the resistance around 105.60 is still intact. We view these little intraday bounces as a chance to sell.
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