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Refer USD/JPY chart on Trading View
- The US dollar extends weakness across the board after Powell's dovish comments at Jackson Hole on Friday.
- Powell reiterated that the Fed rate rises would remain gradual and that the Federal Reserve is not seeing overheating risks or signs that inflation is accelerating above its target.
- Powell's comments along with the Fed minutes which showed concerns about trade, housing and emerging markets cast doubt on a December rate hike.
- The falling spread between the 10-year Us treasury yield and the 10-year Japanese government bond yield pushing the pair lower.
- Technical studies are slightly bearish on intraday charts thought the longer term picture still remains bullish.
- Price action has broken minor trendline support at 111.25 and we see bearish divergence on hourly charts.
- The pair has taken support at 4H 110-EMA at 110.93, break below will see weakness. Scope then for test of 61.8% Fib at 110.42.
- Holiday-thinned markets lack any directional impetus and spot will continue to get influenced by the broader market sentiment.
Support levels - 110.93 (4H 110-EMA), 110.75 (1H 200-SMA), 110.43 (61.8% Fib)
Resistance levels - 111.12 (1H 5-SMA), 111.62 (cloud top)
Recommendation: Stay short on break below 4H 110-EMA, target 110.45
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -21.8506 (Neutral), while Hourly JPY Spot Index was at -116.456 (Bearish) at 0445 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
