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6 Aug 2019

USD/JPY technical analysis: 19-week old support-line guards immediate downside

  • USD/JPY retraces from key support-line amid oversold RSI levels.
  • June low can act as immediate resistance ahead of 107.20/22 region.
  • Bears can aim for January low on the downside break below the key support.

Having bounced off near-term falling support-line, the USD/JPY pair takes the bids to 106.17 during early Tuesday.

The pair now aims for June month low surrounding 106.78 while 107.20/22 horizontal area comprising mid-July low may limit further recovery.

It should, however, be noted that the quote’s run-up beyond 107.22 enables it to question 61.8% Fibonacci retracement of January – April rise, at 107.68, ahead of targeting 108.00 round-figure.

Also, its worth mentioning that the 14-bar relative strength index (RSI) is in the oversold condition and favors price pullback.

Meanwhile, pair’s downside break of 19-week old support-line, near 105.45/40, can quickly fetch it back to January month low of 104.75.

USD/JPY daily chart

Trend: Pullback expected

 

Aug 6, 2019

USD/INR risk reversals hit 3.5-year high, point to more pain ahead for INR

Risk reversals on USD/INR, a gauge of calls to puts, jumped to 1.35 on Monday, indicating investors are adding bets (USD/INR call options) to position
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Aug 6, 2019

One-month HIBOR jumps 50 basis points

One-month Hong Kong Interbank Offered Rate (HIBOR) jumped 50 basis points to 2.51%. The HIBOR is a reference rate for lenders and borrowers that parti
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