FXStreet – The USD/JPY is under intense pressure to sell, and so will be the days deep in the area of 111,00 formed.
The weaker opening of the European stock markets leads to a growing demand for the safe haven of the Japanese Yen, which has already seen the release of Japanese Inflation gains.
Add to that the downward correction in the Greenback, which makes the US Dollar Index in the vicinity of 97,00 fall, increasing the downward pressure.
From the USA today there is still the GDP, orders for durable goods and UoM consumer sentiment, the volatility can.
The FXStreet Analyst Omkar Godbole writes: “The loss of the bullish momentum shown in the MACD and the break of the rising RSI trend line, so that the Pair will continue its downside breakout is likely to continue. The inverted flag is a bearish Continuation pattern, which suggests a continuation of the sale from the 114,36. The Pair may test the recent Low of 110,23. On the other hand, a break above 112,32 (falling trend line on 4-hour chart, the flag resistance and 50% Fibo of the June 2015 to June 2016 Tief) necessary to the game room of The day RSI is struggling to rise above 50.00 (to neutral level).”
** FXStreet News Editorial, FXStreet**