USD/JPY opens up fresh losses, 97.00 level in jeopardy

FXstreet.com (New York) – The USD/JPY foreign exchange rate crumbled to fresh lows Tuesday, hurt by mounting risk aversion across US trading.

USD/JPY strategic bias

According to the Technical Analyst Team at ICN.com, “The USD/JPY dropped affected by failing to stabilize above 98.60 levels yesterday, as we see it getting closer to 50% correction at 97.65. Breaking the referred to level might extend bearishness. Meanwhile, the stochastic is showing negativity and RSI traded in a downside move below line 50, therefore we think that the downside move might extend. It is important to stabilize below 97.65 to achieve these expectations.”

With the …read more