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Yesterday, in the American session, the yen fell to 126.35, the lowest level in a month. The decline in USD/JPY gained downward momentum due to the weakness of the US dollar and lower treasury yields and the decline in Wall Street indices.
The worsening global economic outlook continued to weigh on investor sentiment and increased risk aversion among investors. This, in turn, fueled demand for traditional safe-haven currencies, including the yen, and gold.
The decline in the USD/JPY pair is due to continued weakness in the US dollar and also to the decline in equity markets. The bears are targeting the support of 4/8 Murray around 125.00.
Since May 9, the yen has been trading inside a downtrend channel. Is currently located below the 21 SMA and below the 200 EMA with a very bearish bias in the short term.
If in the next few hours there is a pullback towards the area of these moving averages around 127.56, it will be an opportunity to sell with targets at 126.00, 125.93 and at 125.00 (4/8 Murray).
As long as the yen is consolidating below the 200 EMA and below the 21 SMA (127.56) there is strong downward pressure. Any failed attempts to break this zone will be an opportunity to sell at 125.00.
Our trading plan for the next few hours is to wait for the yen to consolidate below the 200 EMA around 127.50 to sell, with targets at 126.35 and 125.00. The eagle indicator is in a bearish zone.
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