The pair has confirmed a downside pressure with a break below monday’s low and is now poised for a new test of 76,00 historical low.
The USD/JPY was not able to take advantage of the relative dollar strengh since the beginning of september which is a proof that the Yen remains very attractive to the market participants.
A material base seems to be in place though on top of this 76,00 level but the overall structure is still very vulnerable and it is not wise to consider any bullish strategy at the moment.
A break below key 76,00 support would even open the door to further losses on the pair.
Provided by atf-forex-trading.com