(98,90) The USD/YEN failed on Friday to extend the move up forming a small negative day reversal; the weekly closing was also negative! The indicators of the daily chart are still positive but now just above the line while those of the weekly one are negative. The indicators of the s/t charts are also turning below the line supporting further consolidation/ correction. The rally last week above 99,50 formed bearish divergences, however around the 60% level, suggesting a positive tone. The present decline could therefore be corrective. However at the same time we have also potential negative reversals still capping the dollar. We prefer still remaining on the sideline waiting for further signals and a more clear picture; overall we like a higher dollar!
Read the full report: USDJPY 09.23
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