(97,88) The USD/YEN confirmed on Friday a weak closing well below the low of the negative day reversal confirming therefore a s/t top. A closing tonight below 98,13 will also confirm further weakness. The weekly closing was instead still strong above the top of the previous week!! The indicators of the daily chart are already below the line while those of the weekly one are still positive but overbought; bearish divergences confirm however a positive tone. The indicators of the s/t charts are negative this morning with already bullish divergences in the hourly chart supporting a negative tone. A move and consolidation below the 200 hours line at 97,84 will favour an extension of the decline suggesting a direct 97 undershooting!! Today’s session is starting with a small gap down in Europe and this could weight on the dollar!!
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