USD/JPY To Remain Under Pressure In The Coming Weeks
Mike Macdonald | Sep 27, 2016 12:14AM ET
USD/JPY remains under pressure, with prices extending the fall from the 104.31 high of 2 September to test congestion around 100.00 and trendline support from August.
Consolidation is possible in the coming weeks, as studies turn mixed, but background sentiment continues to weaken, highlighting increased downside risks.
Continuation of the dominant bear trend is looked for, with a break below 100.00 targeting lows down to critical support at the 99.08 low of June.
A close beneath here will turn investors decisively bearish and confirm extension of the June 2015 bear trend.
Resistance is lowered to the 102.78 high of 21 September, but any break should fade beneath 104.00 as investors maintain a sell-into-strength strategy.
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