Stocks and Dollars

On Wednesday Dollar/Yen traded within narrow almost 40 pip range. The currency couple depreciated from 80.55 to 80.18 yesterday, not matching the negative money flow sentiment at under -11%, closing the day at 80.31. This morning the Dollar is trading quietly against the Yen, with movements within yesterday’s range for now.

The minor rebound above 1.2680 forms a consolidation pattern, preceding next leg downwards, for a tight test of 1.2624 low. Initial intraday resistance is projected at 1.2758 and major hurdle on the upside is the static one at 1.2815. My outlook is negative, for a slide towards 1.2630.

The minor rebound above 1.2680 forms a consolidation pattern, preceding next leg downwards, for a tight test of 1.2624 low. Initial intraday resistance is projected at 1.2758 and major hurdle on the upside is the static one at 1.2815. My outlook is negative, for a slide towards 1.2630.

Continues near-term consolidation off 1.2681, yesterday’s low, with 1.2750 zone, Fib 23.6% of 1.2980/1.2681 downleg, capping for now. Near-term price action found footstep at 1.2700 zone and improving hourly studies, seeing potential for further corrective action, with break above yesterday’s high at 1.2757, required to resume higher and expose 1.2800

Continues near-term consolidation off 1.2681, yesterday’s low, with 1.2750 zone, Fib 23.6% of 1.2980/1.2681 downleg, capping for now. Near-term price action found footstep at 1.2700 zone and improving hourly studies, seeing potential for further corrective action, with break above yesterday’s high at 1.2757, required to resume higher and expose 1.2800

The pair remains stable below the previously breached symmetrical triangle and the MA 50 is still pressuring the pair over intraday basis. Therefore, we hold onto our bearish intraday expectations for today targeting initially 126.50 and require stability below 128.40.

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The pair remains stable below the previously breached symmetrical triangle and the MA 50 is still pressuring the pair over intraday basis. Therefore, we hold onto our bearish intraday expectations for today targeting initially 126.50 and require stability below 128.40.