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FxWirePro: USD/JPY extends previous session's slump, escalating trade war and increased odds of a Fed rate cut weigh

Monday, June 3, 2019 6:16 AM UTC

USD/JPY chart - Trading View

USD/JPY consolidates previous session's slump, bias bearish.

Escalating Sino-U.S. trade war and increased odds of a Fed rate cut weigh.

The major has broken major trendline support at 108.75 and hit 5-month lows at 108.07.

Momentum studies are bearish, Stochs and RSI are sharply lower and volatility is rising.

Break below 108 handle will see further weakness. Next major support lies at 107.61 (61.8% Fib).

Price action below cloud and major moving averages. Bearish invalidation only above 200-DMA.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-USD-JPY-rejected-at-cloud-and-21-EMA-dip-till-10880-likely-1540994) has hit all targets.

Recommendation: Book partial profits, trail SL to 108.75, target 107.60.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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FxWirePro: USD/JPY extends previous session's slump, escalating trade war and increased odds of a Fed rate cut weigh

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