The USD/YEN confirmed further consolidation interior the range 77,35 – 76,80 and for the moment we do still expect still support to limit the downside. What we are missing however is a kind of a rebound. Anyhow only an hourly closing above 77,35 will support higher levels!!
The indicators of the daily chart are still in negative territory however just below the line; those of the s/t ones remain mixed suggesting further consolidation. Bullish divergences still confirm a negative tone confirming the risk remains on the downside!!
We keep staying on the sideline while waiting for stronger signals.
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