The Japanese yen softens as risk appetite makes its return.
The fall below the daily support at 128.30 has increased the pressure on the single currency. The current rebound above 129.30 is an indication of the bulls’ resolve to safeguard the uptrend in the medium term.
130.40 is a major hurdle ahead as the origin of the August sell-off.
The RSI has repeatedly shown an overbought situation and a temporary pullback is due with 128.80 as support. Further down, the psychological level of 128.00 could see more bargain hunters.
