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Thomson Reuters
May 31 - 05:00 AM
USD/JPY - Bias Remains On Downside While Below The 30-DMA
First appeared on eFXplus on May 31 - 02:55 AM
  • Spot found support ahead of the major 107.98 Fibonacci level this week
  • 107.98 Fibo -- 50% retrace of the 104.56 to 111.39 (March to May) rise
  • Subsequent bounce, however, will likely fade out ahead of 30-DMA at 109.51
  • Looking to get short at 109.10 in anticipation of a bearish resumption
  • A daily close above the 30-DMA, however, will defer
  • USD/JPY's bounce likely to be capped by the 30-DMA

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