The Japanese yen weakens as the BoJ maintains its ultra low rates. The RSI’s double top in the overbought area on the daily chart was a strong sign of overextension. A sharp fall below 150.00 has triggered a wave of liquidation. Now that short-term leveraged buyers are out of the picture, the pair is looking for an area of accumulation as medium-term sentiment remains bullish. 145.00 near the consolidation back in early October is a key support. 147.30 is the first resistance and its breach could help the greenback recover.
