US$Jpy remained under pressure by falling to 110.73 on Wednesday, last seen in November, as safe haven demand continues to dominate sentiment. With the longer term momentum indicators pointing increasingly lower, further downside price action looks likely in the sessions ahead.
In the short term, while both the 1 and 4 hour charts remain negative, they are becoming oversold so momentum may slow a little today in order to allow them to recover but selling rallies does appear to be the theme. If we do take out the session low, there is then little support to be seen until 110.10, below which would find buyers at 109.85/90. Under there is again becomes pretty thin until around 109.35 and 109.00. On the topside, minor resistance will be seen at 111.50 ahead of the initial Fibo resistance at 111.85 although we look unlikely to see this again today. Selling rallies, with a SL placed above 112.010 seems to be the plan today.
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