- The USD / JPY extended the fall to the 104.50 zone after the beginning of the American session.
- DXY and US Treasury Yields Fall.
The USD / JPY changed trend after reaching 105.00 on Monday. The pair just hit six-day lows below 104.50 and it remains with a bearish tone, in that area.
The yen it is showing some strength in the market, in the face of cloudy weather in the stock markets. The lack of an agreement for new fiscal stimuli in the US and the proximity to the presidential elections create a difficult climate.
The dollar for its part it is retreating modestly, with the DXY trading below 93.00. The drop in Treasury yields is negatively affecting the greenback.
Regarding data, it became known in the US showed that the consumer confidence index weakened to 100.9 in October, while on the positive side, durable goods orders increased 1.9% in September and prices of homes registered a higher than expected advance in August
Technical levels to take into account
From a technical point of view, the USD / JPY bias remains to the downside and a confirmation below 104.50 would point to a test of last week’s lows at 104.33 and then to September lows at 104.00. To the upside, the dollar rallied to affirm above 105.00, and then the next resistance at 105.40 will follow.
.
Credits: Forex Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
