Sharp bearish slopes in USD/JPY – FXStreet

By FXStreet Valeria Bednarik, chief analyst at FXStreet explained that USD/JPY fell to a fresh 18 months low of 106.27, and sits right above it ahead of the weekly opening, fueled late Friday by worse than expected US data.

Key Quotes:

“According to the Michigan index, consumer sentiment in the US fell to its lowest in seven months, down to 89 in April against 91 in March. Also, the Chicago PMI for the same month, fell to 50.4 from 53.6, indicating a slow start of the second quarter in the world’s largest economy.”

“Helping the JPY rally, were declining worldwide stocks, fueling demand for safe-haven assets.”

“The unstoppable decline can now extend towards the 105.00 level, the line in the sand drew by the BOJ early April, as in the daily chart, the technical indicators present sharp bearish slopes within negative territory, whilst the 100 DMA extended its decline well above the current level, now around 113.70.”
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Source:: FX Street