A big setback for USD / JPY buyers to end the week
The pair is moving to fresh lows on the day at 114.40, as sellers now regain control in the short term in a push below key hourly moving averages:
There is minor support around 114.45-49, but below that, a drop towards 114.00 seems likely as the market remains in the harsh tones from before.
Bond yields are sinking further and we see equities lose more ground as we move into European morning trading. Even oil is down more than 4% on the day now, as the WTI dips below $ 75 as it approaches its 100-day moving average at $ 74.46.
Going back to USD / JPY, this is a big setback for buyers having come close to breaking above 115.00. It is a case of “close but not pure” as seen in the weekly chart:
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