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- USDJPY: Dollar Falling Below Bullish Trend Line
USDJPY: Dollar Falling Below Bullish Trend Line
The USDJPY pair was the only major FX pair on Thursday where the greenback was trading lower and it was seen to be 0.10% weaker during the London session, hovering around 112.60.
Bulls failed to push the USDJPY pair to new highs and it stopped exactly at July's highs near 113.00. The latest slide brought the greenback below the steep bullish trend line and, combined with the failure at July's highs, it appears the bullish momentum is quickly declining.
Should the pair continue to drop, the next target for bears could be at previous highs near 112.15 and, if this support doesn't hold, we could see further deterioration toward 111.75.
Moreover, the decline of the pair is supported by a sharp reversal in US yields, which have fallen for two days, bringing the benchmark 10-year yield back near to the important 3% level.
On the upside, bulls could push the US Dollar back above 112.80 to cancel the bearish threat and enabling the battle for the 113 level can start again.
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