USDJPY declines due to the weakening of the USD!
Hello dear friends!
Today, once again the USDJPY pair has moved away from the 150.000 area. As a result, USD/JPY - the amount of Yen that can be purchased with one Dollar - has decreased after the release of the lackluster Non-Farm Payrolls, leading to a series of Dollar sell-offs.
From a short-term perspective on the 4-hour chart, this decline has brought the currency pair closer to a potential trend reversal. The two important support levels at 150.500 and 150.00 have been broken. Breaking below the low of 148.80 on October 30th will provide much stronger evidence that the bears have finally turned the tables against the bulls, as this is a lower high of the short-term uptrend.
Today, once again the USDJPY pair has moved away from the 150.000 area. As a result, USD/JPY - the amount of Yen that can be purchased with one Dollar - has decreased after the release of the lackluster Non-Farm Payrolls, leading to a series of Dollar sell-offs.
From a short-term perspective on the 4-hour chart, this decline has brought the currency pair closer to a potential trend reversal. The two important support levels at 150.500 and 150.00 have been broken. Breaking below the low of 148.80 on October 30th will provide much stronger evidence that the bears have finally turned the tables against the bulls, as this is a lower high of the short-term uptrend.
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