The dollar against the yen trades bounced lower after testing the 107.68 level, and as we indicated yesterday, this level represents the resistance of the sideways range that confines the intraday trading, and whose support level is at 106.44, to make the bearish bias likely for the day.
In general, …
The pair is turning up, remaining in a wide range of 1.0750–1.1000 amid the risk of a new wave of coronavirus pandemic. Also, investors seem hesitant to actively buy the dollar ahead of Jerome Powell’s speech.
Technical side:
The price is above the middle Bollinger band, above SMA 5, …
The general trend is upward. The currency pair is trading in the range of 365 and 135 moving averages directed upwards. The presumptive corrective pattern (level H1) culminated by breaking through the inclined channel. A break of 0.6483 will result in the formation of an upward wave pattern within …
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