USD/JPY slumps to fresh 5-week low below 100.50, bias lower
The Japanese yen resumes its bullish run after a minor reversal seen on Monday.
USD/JPY knocked-off to fresh 5-week lows below 100.50, hits 100.27.
Intraday bias is lower, we see scope for test of 99.98 and then 98.78 on further weakness.
The pair has broken major trendline support at 101, which is immediate resistance and further above 10-DMA (101.46) caps upside.
Momentum studies are bearish, Techs support downside. Bearish invalidation only above 20-DMA (102.97).
Good to sell rallies, SL: 101, TP: 100/ 99.60/ 99
USD/JPY knocked-off to fresh 5-week lows below 100.50, hits 100.27.
Intraday bias is lower, we see scope for test of 99.98 and then 98.78 on further weakness.
The pair has broken major trendline support at 101, which is immediate resistance and further above 10-DMA (101.46) caps upside.
Momentum studies are bearish, Techs support downside. Bearish invalidation only above 20-DMA (102.97).
Good to sell rallies, SL: 101, TP: 100/ 99.60/ 99
