After failing to hold 120 overnight, Yen turned lower and fell more than a cent before pulling back a bit. Second wave of selling sent it down to 118.85 so far. Stock market declines are being cited as the main driver, albeit likely mixed with some positioning ahead of the US jobs report.

Technically, the pair has been in a downtrend since August 24th rout. In my view, 120 - 122 is neutral zone. If the pair wants to re-establish bullish bias it has to break and hold above that zone. On the flipside, staying below the zone is bearish.

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