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USD/JPY break of 100.00 reveals new selling pressure

FXstreet.com (Barcelona) - The USD/JPY finished the session down 107 pips at 99.48, closing below the psychological 100.00 level for the first time since May 9th.

The FXStreet.com Trend Index remains slightly bearish on the daily chart, while the ob/os index reads neutral. Short term moving averages are also in bearish set up, with price remaining below both the 9 and 20 dma’s. Furthermore, the 9dma has now crossed below the 20dma which could help lead to added selling pressure as we head into the next day of trade. The RSI (14) is now in neutral set up at 43.67, and should find good support at the 40 level.

According to Val Bednarik of FXStreet.com, “the yen maintains a bullish tone across the board, advancing steadily against most of its rivals this Monday. The USD/JPY hourly chart shows price near its daily low of 100.01, with market talks about large stops right below. 100 SMA accelerates lower above current price, while indicators head south in negative territory. In bigger time frames the outlook is also bearish, although a break of the key psychological figure is now required to confirm further falls today.”

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