Dollar vs Yen
The USD appears to be moving in bearish trend and there are no signs of a reversal so far.
The USD is likely to depreciate further as it is currently in a parallel channel and an exhaustion move has occurred. Supports for the pair USD are at 92.881 and 92.4357. These levels, if broken, may lead to levels of 90.454 and 95.4212. The ADX and ichimoku kinko hyu are neutral, signaling further downtrend for the pair.
The USD is facing pressure on the downside but faces resistance as the moving averages are above the price. The Stochastic oscillator is in oversold state and one needs to take due note of the negative crossovers. William’s R is below the -50 zone.
A decisive close below 93.54 should spark a ‘short circuit’, with a stop loss at 95.395 which is also the resistance level as of now. For now, watch the resistance line and support levels along with the direction of the channel, which is likely to break out in the negative.
