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USD/JPY in Oversold

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by , 09-05-2019 at 01:51 PM (186 Views)
      
   
US Dollar weakness and a general push toward counter-cyclical perceived haven assets have seen the Japanese Yen break through an important barrier against the greenback. However, Yen bulls have yet to nail down their gains and they may yet lose them if they canít do so this month. At the start of August, USD/JPY slipped below an important medium-term monthly-chart uptrend line which had previously held since May 2016. It didnít remain below it for the entire month but did close out underneath, where, so far, it remains.

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Another monthly close below this line would make matters a lot worse for Dollar bulls, and, although itís still early in September, they seem to be showing some fight. Their first order of business must be to recapture near-term resistance at 106.79. That marked the intraday peak of August 15 and can be seen as the bottom of a narrow range of daily-chart resistance which has the peak of August 6 (107.04) as its top.

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