- The yen turns positive against the US dollar in mixed financial markets.
- USD / JPY sideways, below the 20-day simple moving average.
The USD/JPY it continued to fall and posted a new daily low of 103.91. At time of writing, it is trading around 104.00, in negative territory as the day is weakened by a decline in the US dollar across the board.
The dollar lost momentum after the start of the US session. DXY that peaked at 91.21 hours ago fell back to 90.70, erasing daily gains. The dollar backtracked against most of its rivals after share prices found support and modestly recovered.
On Wall Street, the Dow Jones lost 0.45% and the Nasdaq gained 0.45%. Falling US yields supported gold and the yen.
From a technical perspective, USD / JPY is trading sideways below the 20-day moving average of 104.35. A daily close below 103.70 would suggest more losses ahead, probably targeting November lows at 103.15 / 20. On the positive side, a consolidation clearly above 104.40 would point to a stronger US dollar.
Two downtrend lines are located around 105.05 and 105.20, while below the USD / JPY the bias will point to the downside. A break above 105.20 would negate the bias that favors a recovery towards 106.00.
Technical levels
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