As we expected, the US Dollar is into a corective phrase after a long run, yesterday we had the FOMC minutes, after this event the dollar is depreciating against all currencies. The USD/JPY pair was trading in range till yesterday, now the rate is approaching the support, maybe will ignore the support zone and will decline further to reach the target from the 61.8% retracement level. If the support will hold at a first attempt we could have a bounce back, the price will grow to test again the 108.43 level and also the median line of the pitchfork.
By Olimpiu Tuns – Owner and market analyst at http://ovtbusiness.com/en/