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From : FX Daily Hotline: 29 April 2016
Chart of the day: JPY set to renew downtrend

 

The US Dollar heads the 'Losers' list with -3% against the Japanese Yen.  The graph shows the 50-day Moving Average providing stiff resistance near Y112, with the rate retracing to test the mid-April floor at Y107.63.  Given the swiftness of the pullback yesterday, one would expect the downtrend to restart shortly, towards next chart support around Y105.  A short trade is opened and the stop is placed at Y113 for now.

 

 






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