USD/JPY: looking better offered still below key levels – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that USD/JPY plummeted to a daily low of 119.53 and remained unable to regain the 120.00 level afterwards, as investors run towards safety on market’s generalized turmoil.

Key Quotes:

“The safe haven currency advanced against all of its major rivals, and the USD/JPY short term picture favors additional declines, as the price has accelerated south after breaking below its 100 SMA, whilst the RSI indicator holds near oversold territory.”

“Also, the pair is back below the 50% retracement of the last two weeks decline at 120.35, and the bearish potential will remain strong as long as sellers surge around it. In the 4 hours chart, the technical indicators present a strong bearish momentum well into negative territory, supporting further declines on a break below 119.35, the 38.2% retracement of the same rally.”
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Source:: FX Street