(98,60) The USD/YEN confirmed on Friday a session of consolidation forming a new inside day with 98,65 – 97,35 the levels to follow in the coming hours. Only a daily closing above 99,16 will support higher levels. The weekly closing was negative but positive was the monthly one therefore not confirming the previous month’s negative month reversal. The indicators of the daily chart are still above the line while still negative those of the weekly one; the indicators of the monthly chart are positive but still overbought showing potential negative reversals. The indicators of the s/t charts are showing still a mixed picture suggesting further consolidation with still a negative bias. The move up since Friday is forming bearish divergences suggesting a possible change of the tone but we prefer waiting for further confirmations.
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