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5 May 2016
USD/JPY: risks remain to the downside - FXStreet
Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair trades around the 107.00 level as the US session ended, modestly higher daily basis, but maintaining the overall bearish tone seen on previous updates.
Key Quotes:
"With a long holiday going on in Japan, market players remain away from JPY crosses due to the lack of local clues, whilst a still weak greenback limits chances of a strong advance."
"The pair remained below Tuesday's high of 107.43, and the 1 hour chart shows that the price is a few pips above a bearish 100 SMA, still unable to clearly advance beyond it, whilst the technical indicators have re-entered negative territory and present bearish slopes, keeping the risk towards the downside."
Key Quotes:
"With a long holiday going on in Japan, market players remain away from JPY crosses due to the lack of local clues, whilst a still weak greenback limits chances of a strong advance."
"The pair remained below Tuesday's high of 107.43, and the 1 hour chart shows that the price is a few pips above a bearish 100 SMA, still unable to clearly advance beyond it, whilst the technical indicators have re-entered negative territory and present bearish slopes, keeping the risk towards the downside."