(97,20) The USD/YEN confirmed another weak closing last night hitting already our s/t target at 97,26. It is however still well offered suggesting further weakness probably toward the 95 area where we expect genuine support!! The indicators of the daily chart are still well negative as well as those of the s/t ones supporting further weakness; bullish divergences now even in the 4h chart are supporting a negative tone. In the 4h chart the drop confirmed also a negative reversal suggesting a s/t target at 96,75. In the s/t only a move above 97,50 confirmed by an hourly closing will support a rebound. An hourly closing below 96,95 will support lower levels!!
Read the full report: USDJPY 08.07
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