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USD/JPY falls below 116 levels - FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole observes that the USD/JPY pair inched lower to trade at 115.83, tracking a fall in US ten-year treasury yields, and sees a probable decline to 115.20 levels.

Key Quotes

"The USD/JPY pair finished on Friday at 116.28 levels after having declined from a high of 116.84 levels."

"Meanwhile, on the hourly chart, the pair is trading below the trend line support located at 116.11 levels while the daily RSI, at 44.00, pointing to a further downside in the pair."

"A fresh selling pressure can be anticipated if the pair breaks below the hourly 100SMA located at 115.77."

"On the other hand, a fresh demand for the US Dollars can be anticipated only above 116.11 levels, in which case the pair may even re-test the Friday’s high of 116.84 levels."

"However, given the weakness in the US Treasury yields, the Yen bulls are more likely to push the USD/JPY pair down to 115.20 levels."

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