Revisiting USDJPY today as we have seen some significant moves since the last time we examined the pair.
Since we last spoke about USDJPY we have seen the USD weaken and the market wide risk appetite favour the Japanese Yen, which saw the price break down below the supporting trendline and with conviction, aided by the lower highs and overbought sentiment showed by the RSI indicated a market looking for a stronger Japanese Yen.
We saw the price dip below the 110 handle for a short period before climbing again on the shift in risk appetite from investors, on top of that we saw overnight Japanese date disappointed with Manufacturing Index missing estimates.
Softer European data has halted the pair trading higher for the time being with the R2 daily pivot level also standing in the way with the RSI into overbought territory. Coupling that all together with another lower high, we could see the pair drift lower throughout the day. However, with Retail Sales data out later on in the day, we may see that impact the price.
USDJPY
Since we last spoke about USDJPY we have seen the USD weaken and the market wide risk appetite favour the Japanese Yen, which saw the price break down below the supporting trendline and with conviction, aided by the lower highs and overbought sentiment showed by the RSI indicated a market looking for a stronger Japanese Yen.
We saw the price dip below the 110 handle for a short period before climbing again on the shift in risk appetite from investors, on top of that we saw overnight Japanese date disappointed with Manufacturing Index missing estimates.
Softer European data has halted the pair trading higher for the time being with the R2 daily pivot level also standing in the way with the RSI into overbought territory. Coupling that all together with another lower high, we could see the pair drift lower throughout the day. However, with Retail Sales data out later on in the day, we may see that impact the price.
USDJPY