- Volatile day for the dollar, which remains under pressure.
- USD / JPY with a bearish bias, still above 109.60.
The USD / JPY broke below 109.80 and fell to 109.63 reaching the lowest level since August 24. The price then jumped to 109.88 and is approaching the day’s lows again. Volatility increased in the run up to the American session.
End-of-the-month flows can be a factor behind sudden movements in the forex market. The dollar threatened to start a recovery but seemed to have run out of steam again.
More US data will be released in minutes with The Conference Board’s consumer confidence report. The focus is still on the August labor market figures, which include non-farm payrolls.
Short-term outlook
From a technical point of view the USD / JPY has a slightly bearish bias, that would intensify if a confirmation below 109.60 was given. The next support is at 109.40 and then 109.00.
The negative tone would be modified with a rise above 110.00. The next resistance is in the area of ​​last week’s highs at 110.2. A counter confirmation of this level would point to more increases in the short term.
Technical levels
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