Morning outlook - USD/JPY returns back to 108.82
- Unfortunately for the buck, the assumption about an existence of a short-term ascending channel did not confirm, as the currency rate once again slipped to the monthly S1.
- A quite sharp fall indicated that the pair had a chance bypass this support level, but in the early Thursday morning the Greenback started to actively recover ahead of the Jackson Hole symposium.
- An aggregate of technical indicators suggests the pair will continue to move downwards despite the two failed attempts to slide below the 108.82 level.
- That might be true, especially taking into account that the pair is simultaneously moving a senior descending channel.
- On the other hand, there will be also a release of the US housing data that might accelerate the fall, or help the buck to continue to recover further.
