USD/JPY begins to unravel
USD/JPY has fallen nearly -2% in two days, and the required central bank divergence between the Fed and BOJ appears to be returning, which could see prices much lower from here.
Prices are close to reaching my bearish target at the monthly pivot point (154.60) outlined in yesterday's video, and prices are less than a day's trading-range away from it. Perhaps it can tag that key level today.
However, with a bullish RSI (2) divergence on the daily chart, and the 50-day SMA nearby, bears may want to remain nimble. Still, if we see a bounce from the monthly pivot, bears could seek to fade into minor rallies within Thursday's range in anticipation of a move down towards the 1534 handle.
Matt Simpson, Market Analyst at City Index and Forex.com
Prices are close to reaching my bearish target at the monthly pivot point (154.60) outlined in yesterday's video, and prices are less than a day's trading-range away from it. Perhaps it can tag that key level today.
However, with a bullish RSI (2) divergence on the daily chart, and the 50-day SMA nearby, bears may want to remain nimble. Still, if we see a bounce from the monthly pivot, bears could seek to fade into minor rallies within Thursday's range in anticipation of a move down towards the 1534 handle.
Matt Simpson, Market Analyst at City Index and Forex.com
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