The USD/YEN confirmed a break below 77,75 extending the correction already toward the 77,50 area. The is already forming bullish divergences in the hourly chart confirming a negative tone. Possible therefore further weakness while possible rebounds are corrective.
The indicators of the daily chart are still in positive territory but those of the s/t ones turned all below the line suggesting further pressure. Only a return above 78,30 confirmed by an hourly closing will favour a stabilization favouring even a little higher levels!!
The s/t scenery looks again negative but in the hourly chart we have also a potential positive reversal situation that could help to lift the dollar on its own!!
We keep staying on the sideline.
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