- The yen gains momentum across the board on Tuesday.
- USD / JPY falls while other crosses remain lateralized.
He USD/JPY extended the decline and touched a new daily low at 103.68. It is trading near the bottom, facing downward pressure. It is erasing most of the gains from Monday’s US session, approaching the November low at 103.16.
The yen gained ground across the board in recent hours, led by the decline in USD / JPY. At the same time, the US dollar is stable against emerging market currencies and commodities and fell against the pound. Stock prices are modestly higher maintaining recent ranges.
Looking back at the November low
If USD / JPY manages to stay below 103.70, the bearish momentum could intensify, suggesting a test of the November low at 103.16. Before that level, support is seen around 103.50 (December 14 low).
If the pair climbs back above 103.7, it would ease the negative tone. For a more sustainable recovery, the dollar must exceed 104.15 / 20.
In a broader perspective, the downtrend will continue as long as the price stays below 105.20 / 30.
Technical levels
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