USD/JPY looking to strengthen the bears

USD/JPY looking to strengthen the bears

USD/JPY has been reading a bearish sequence across the board and currently, a sideways range has appeared in the scene, helping to cap further advances in the pair above the resistance level of 109.76, at which lies the Fibonacci zone of 50%. That area represents an interesting area for sellers and if it holds, we can expect a decline to take place towards -23.6% at 108.03.

To the upside, the mentioned scenario could get invalidated with a breakout above 109.75, which should open the doors to test the 110.43 level. RSI indicator remains in the negative territory.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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