Sat, May 08, 2021 @ 16:34 GMT
Home Contributors Technical Analysis USD/JPY Outlook: The Dollar Falls Further, Key Supports in Focus

USD/JPY Outlook: The Dollar Falls Further, Key Supports in Focus

The dollar came under increased pressure from fresh weakness of US Treasury yields on Monday and fell to the lowest since early March.

Fresh bearish acceleration broke pivotal support at 108.40 (23 Mar trough) and cracked 108 (round-figure), focusing key supports at 107.76/45 (Fibo 38.2% of 102.59/110.96, reinforced by rising 55DMA/top of rising thick daily cloud).

Multiple bear-crosses, formed by daily moving averages (5/10/20/30) and strong rise of bearish momentum, support the action.

Deeply oversold stochastic warns that bears may take a breather before attacking key targets, with upticks expected to remain capped below 109.00/15 zone (broken Fibo 23.6%/falling 10DMA) to provide better selling opportunities.

Res: 108.40; 108.99; 109.15; 109.26
Sup: 108.00; 107.76; 107.45; 107.00

Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Featured Analysis

Learn Forex Trading