The downside pressure has grown in recent sessions. Dollar/Yen has been a sell into strength for months now, and it is notable that the latest moves into the 106/107 band of overhead supply once more failed at lower levels. Furthermore, the rallies constantly gravitated back to 106.00 throughout last week. Whilst the market has fallen below the pivot, market moves now suggest that there is little real pull higher up towards the pivot. It points towards ongoing pressure on 105.10, where rallies remain a chance to sell. Daily momentum indicators have fallen over again, with Stochastics and MACD lines especially reflecting the negative bias. There is a sense of consolidation beginning to form ahead of the Fed, but anything towards 106 looks to be another opportunity now. A near term sell-zone remains at 105.75/106.00. Below 105.10 opens 104.15.
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