It is a classical Equity/Currency game now. Nikkei needs a correction to the 18500 area and that will correspond to a dip in the dollar/yen to the 114.80 area (doubtful it will go that deep). The trend in USD/JPY is bullish.
Singapore05:45:24 GMT - 12/29/2016
The bears remain relentless in the Asian hours, further fuelling the selling pressure behind USD/JPY, knocking-off the rate to fresh eight-day lows near 20-DMA placed at 116.65.
The dollar-yen pair extends its bearish momentum into a second straight session this Thursday, as the investors closely track the broad USD-price action, which witnessed a massive sell-off in response to renewed weakness in the US treasury yields.
The major finds immediate resistance at 117.16 (5-DMA). A break above the last, the major could test 117.32 (10-DMA) and 117.70 (daily R1) beyond the last. While to the downside, the immediate support is seen at 116.57 (daily S2) next at 116 (round figure) and below that at 115.50 (psychological levels).
Currently the exchange rate of USD/JPY is 116.74.
As the pair USD/JPY is going down in the forex market so it is recommended to sell.
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