There’s no fresh catalyst in terms of headlines as the pair is just being driven lower on the session. But one can argue that it comes amid a break of key trendline support for the year as outlined here. The pair had previously held at the key level (white line) as seen in the chart above. But with the break here, it looks like dip buyers may be losing some of their appetite.
It’s a welcome development for Japan after having intervened in the market on back-to-back days last week.
There’s now a bit of a gap between here and a potential fall towards 155.00, with the 100-day moving average for the pair resting nearby at 155.:
This article was written by Justin Low at www.forexlive.com.
Source link
