The Dollar has remained trading on a steady downward trend since peaking at 80.25 last Thursday, retracing all the ground gained after BoJ intervention and extending losses on WednesdayQuote:
Originally Posted by niteshforex
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The Dollar has remained trading on a steady downward trend since peaking at 80.25 last Thursday, retracing all the ground gained after BoJ intervention and extending losses on WednesdayQuote:
Originally Posted by niteshforex
the U.S. sovereign credit rating downgrade by Standard and Poor’s triggered a strong selloff across global bourses, where investors abandoned risky assets and shifted their investments to the yen, which increased expectations for another intervention from the BOJ.
Despite dlr's brief breach of 76.93 (AUS) to 77.
22 on cross-trading in yen, subsequent strg pull-
back suggests the correction fm y'day's 76.35 low
has possibly ended n downside bias is seen for weak
ness to 76.54 but 76.35 shud remain intact.
the overall structure still remains bearish and it will take a break back above 80.00 to officially alleviate downside pressures and confirm reversal prospects. Below 76.25 negates.
After getting a high and low of 77.29 and 76.35 respectively, USD/JPY close the session at 76.84. The yen has advance slightly in Asia trade today, currently at 76.61 as the strength seen in the US dollar.
A decline in continuing and initials jobless claims in the US and trade balance data help stocks improve in Europe and also to Wall Street futures that trimmed losses. In the currency market the Yen weakened and turned lower on a moved that it could be also supported by a sharp decline in the Swiss Franc across the board.
the pair and as we can see from the chart is trading under level 77.00 , so , that's mean the down trend is still standing and the pair might head to 76.30 and then 76.00 how ever the pair made any hourly correction
The USDJPY is testing its record low and a break would shift focus to a Fibonacci measurement at 7258 (161.8% extension of initial decline from April high). A bounce should see resistance at 7785-7830 (50-61.8 Fibonacci and former pivot levels).
the pair and as we can see from the chart has closed it's daily candle under the level of 77.00 , so , that's mean the down trend is still standing and the pair is heading to 76.60 then 76.40
the overall structure still remains bearish and it will take a break back above 80.00 to officially alleviate downside pressures and confirm reversal prospects. Below 76.25 negates.