FxWirePro: USD/JPY slips lower for the 4th straight session, BoJ’s upbeat economic assessment underpins yen
USD/JPY chart - Trading View
USD/JPY was trading 0.17% lower on the day at 104.76 at around 10:00 GMT after closing 0.47% lower in the previous session.
The pair is trading weaker for the 4th straight session and technical studies show scope for further weakness.
Price action has breached major trendline support at 105.11, next support lies at 104.18 (July 31st low).
BoJ’s upbeat economic assessment and risk-off in the markets underpinned the Japanese yen weighing on the pair.
Kuroda's comments keep downside limited. BoJ Governor Haruhiko Kuroda said that the central bank would not hesitate to add monetary easing if necessary.
That said, technical bias is sharply bearish. ADX and MACD support weakness. Rising volatility to drive prices lower.