June 17, 2022 14:44 GMT
- Downward pressure on the single currency continues as the USD index comes roaring back following yesterday’s sharp sell-off. Renewed weakness in both crude futures and equities lending support to the greenback to finish the week, with USDJPY also grinding back above the 135 mark, 350 points above yesterday lowest levels.
- On the tech front – indicators remain bearish and the recent reversal lower signals a resumption of the primary downtrend with attention remaining on 1.0350, May 13 low.
- USDJPY prints above 135.00 this week reinforces the bull trend and maintains the positive price sequence of higher highs and higher lows. Moving average studies also point north, reinforcing bullish conditions. The focus is on the 136.04, a Fibonacci projection.