USD / JPY
Friday's fight in the stock markets, which ended in victory for the bulls, had a positive effect on the Japanese yen. After bargaining with an amplitude of 30 points, the yen closed the day with an increase of 5 points. When the S & P500 closed down by 1.42%, Asian stock indices are experiencing severe discomfort today; Nikkei 225 -1.75%, S & P / ASX 200 -1.18%, China A50 -0.93%. Only Indonesian IDX Composite grows by 0.23%.
The yen is trading in the range of Thursday and Friday, the technical situation has not changed these days. To continue reducing the price, you need to shift the balance of the trend down, entrenched below the balance line on the daily chart, below the level of 111.77, and then the goal will be 110.39, at least from September 7, continued growth. It is necessary to fix above the Kruzenshtern line on the daily chart, above 112.70, and then it will be possible to increase to the resistance of the trend line of the price channel by 114.60.
On the one hand, the yen is supported by good expectations from US economic data, in particular, an increase in retail sales in September may be 0.7%, but, on the other hand, trade, the relations between the US and China have become even more acute. What trend will win will be seen in the coming days.
The material has been provided by InstaForex Company - www.instaforex.com