PY Dips Following USD Momentum
The Japanese Yen (JPY) retreated to daily lows in the first half of the European trading session after reaching its highest level against the US Dollar (USD) in over two weeks. This decline could be attributed to further USD buying activity, bolstered by hawkish overnight remarks from Federal Reserve officials.
From a technical standpoint, breaking below the 151.00 support level could be seen as a breach of the short-term trading range. Consequently, any subsequent price slides are likely to encounter solid support levels below.
Technical analysis indicates that the price has dipped below the simple moving averages (SMA), particularly the SMA 20, as it crosses beneath the SMA 50 and SMA 100, indicating a stronger downward trend. Additionally, the Relative Strength Index (RSI) is approaching the 50 level, signaling a significant weakening.
From a technical standpoint, breaking below the 151.00 support level could be seen as a breach of the short-term trading range. Consequently, any subsequent price slides are likely to encounter solid support levels below.
Technical analysis indicates that the price has dipped below the simple moving averages (SMA), particularly the SMA 20, as it crosses beneath the SMA 50 and SMA 100, indicating a stronger downward trend. Additionally, the Relative Strength Index (RSI) is approaching the 50 level, signaling a significant weakening.
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