The USDJPY pair remained under some intense selling pressure on Tuesday and has continued to weaken further. What next can traders expect next? Gain insight into the following 29 May USDJPY Technical Analysis.
29 May, HotForex – The ongoing political turmoil in Italy offset renewed optimism over the US-North Korea summit and underpinned the Japanese Yen’s safe-haven appeal.
The fall in US yields during the Asian session today and the risk off mood rippling around due to uncertainties from Italy and Spain through to North Korea has seen the Japanese yen well bid.
The EURJPY is close to 12 month lows at 126.50, the GBPJPY at 2018 lows and struggling to hold 145.00 and the USDJPY heading towards 109.00.
29 May USDJPY Technical Analysis
Intra-day the H4 USDJPY closed below its 200 period Moving Average for the first time since April 10 this morning but has a strong support zone 108.80-60.
The RSI and the short term Stochastic oscillators are both approaching the oversold zone with immediate support at the Daily S2 (108.90). However, the breach of the psychological 109.00 suggests more short term downside pressure with the 14 period ATR falling to 20.0.
This article about 29 May USDJPY Technical Analysis was written by Stuart Cowell, Market Analyst at HotForex. The provided article is a general marketing communication for information purposes only. It does not constitute an independent investment research. Nothing in this communication contains an investment advice or an investment recommendation. It also does not contain a solicitation for the purpose of buying or selling of any financial instrument.
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