USDJPY Moves Lower As DXY Falls

Today USDJPY has been moving slightly lower opening at 138.693 and has had a low of about 30 pips so far to 138.332. As mentioned in my article earlier the DXY has been falling and USDJPY can see a continued decline. The 4 hour RSI has been decreasing well and it can potentially move lower tonight. The 4 hour 20 SMA sits quite low at 137.6 which is a ways down. The 1 day 50 SMA sits near 135.8 also quite lower. The 1 day RSI has a value of 62.3 near overbought. The 4 hour MACD also approaches a bearish signal cross down and the 1 day MACD histogram been inflecting lower today for its first day. The DXY can continue to move lower from a daily chart standpoint as the faster near half period MACD has started to form bearish signals as its second day pattern. Today holds two high volatility economic events regarding the USD: CB Consumer Confidence (Aug) Forecast: 97.9 Previous: 95.7 and JOLTs Job Openings (Jul) Forecast: 10.475M Previous: 10.698M.$USD/JPY

Ilyas Khan Top1 Markets