USD/JPY inaugurated Asian Trading Sessions with 78-pips price action and plunged to 112.34 low. As US dollar extends current bearish momentum with 2017 fresh low at 97.78 low over US negative politics, Japanese Yen took advantage of current pale greenback as pulled USD/JPY lower and if US issues continue on such pace, expectations that the pair will dip lower, first as a reaction to US dollar losses, second as the yen tends to be a haven substitute when bad politics surrounds the rival greenback. Currently USD/JPY is trading 112.30 below 100-EMA-D1 at 112.56.
Japanese Revised Industrial Production showed a minor recovery earlier with -1.9% compared to -2.1% on previous session which added some "positive" push for USD/JPY to pull lower.
Fundamentals:
There are no data to be released by Japanese and US today, only politics in the US will play the bigger role. But tomorrow US Unemployment Claims at 12:30 PM GMT will affect US Dollar performance.
Technical Overview:
Trend: Bearish / Sideways
Resistance levels: R1 112.47, R2 112.73, R3 113.06
Support levels: S1 112.17, S2 111.78, S3 111.41
Comment: USD/JPY dropped below 100-EMA daily which suggest that market has turned bearish. A penetration cor S1 level will increase further selloffs seeing S2 as target. Closing above R1 brings back retracements seeing R2&R3 as target. Keep an eye on US Index levels + US Politics + US Data tomorrow is vital.
MACD indicates bearish momentum.
RSI indicates bearish momentum.
Save