The USD/YEN confirmed a further negative closing by one pip last night, however still above the 77 level. We expect still good support around this level, 77,00 – 76,80, from where we should be able to see a rebound, a larger one than the ones we already saw.
The indicators of the daily chart are now in negative territory while those of the s/t ones remain mixed suggesting further consolidation. Bullish divergences still confirm a negative tone suggesting lower levels. Possible rebounds should find good resistance at 77,35 before the 200 hours line at 77,70! Only an hourly closing above 77,35 will support higher levels.
We keep staying on the sideline.
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