USD/JPY: Can risk-off push the pair lower?
Hi traders, the USDJPY pair could provide a selling opportunity after the pair retraced near the 108 round-number resistance, which aligns with a strong horizontal resistance and the 38.2% Fib.
The 1-hour chart shows a double top pattern, signaling some more weakness in the pair.
Since we don't take trades based on technical levels, here're some other remarks.
Risk sentiment: Deteriorating on ongoing Hong Kong protests and escalating US-China tensions. Major stock indices are down, except European ones that are optimistic on EC's new recovery fund.
Economic Indicators: Neutral for both countries
Correlations: Divergence forming between yield differentials and the current exchange rate, pointing to more weakness.
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Let me know what you think of USD/JPY in the comment section below.
The 1-hour chart shows a double top pattern, signaling some more weakness in the pair.
Since we don't take trades based on technical levels, here're some other remarks.
Risk sentiment: Deteriorating on ongoing Hong Kong protests and escalating US-China tensions. Major stock indices are down, except European ones that are optimistic on EC's new recovery fund.
Economic Indicators: Neutral for both countries
Correlations: Divergence forming between yield differentials and the current exchange rate, pointing to more weakness.
Please hit the "LIKE" button to support us. Thanks!
Let me know what you think of USD/JPY in the comment section below.
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