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Mar 13 - 01:55 PM

USD/JPY - Key Impediments Pierced But Shorts Still Have Work To Do

By Christopher Romano  —  Mar 13 - 12:15 PM
  • US$ broadly lower as investors price in a lower terminal Fed rate EDU3

  • USD/JPY struck a 1-month low of 132.295 on EBS before bouncing slightly

  • 50% Fib of 127.215-137.90, 55-DMA pierced before bounce took hold

  • Daily RSI falling & not oversold, implies downside momentum in place

  • Daily close below the Fibo & 55-DMA to reinforce shorts' confidence

  • Shorts then likely to target 131.10/30, 129.70/80 support zone

  • For more click on FXBUZ







Source:
Refinitiv IFR Research/Market Commentary

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