USD/JPY is feeling the pull of gravity, possibly tracking losses in the US equity index futures. The spot has breached key trendline support in favor of the bears. USD/JPY faced rejection at the 5-day average resistance at 107.66 in early Asia and is currently trading in the red at session lows near 107.30. The anti-risk yen is drawing bids, possibly tracking the decline in the US index futures. The S&P 500 futures are currently reporting a 0.6% drop. Also, the dollar side of the story has turned bearish this week due to the Federal Reserve’s 50 basis point rate cut. Violates rising trendline The spot is currently trading just below the hourly chart ascending trendline support at 107.36. A breakdown has validated the bearish or the below-50 reading on the 14-hour relative strength index and has opened the doors for a re-test of Tuesday’s low of 106.85. The outlook would turn bullish if the spot finds acceptance above the overnight high of 107.74. That will likely bring in additional gains toward 108.00. Daily chart Trend: Bearish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ethereum Price Analysis: ETH/USD jumps above falling triangle to grind towards $240 FX Street 3 years USD/JPY is feeling the pull of gravity, possibly tracking losses in the US equity index futures. The spot has breached key trendline support in favor of the bears. USD/JPY faced rejection at the 5-day average resistance at 107.66 in early Asia and is currently trading in the red at session lows near 107.30. The anti-risk yen is drawing bids, possibly tracking the decline in the US index futures. The S&P 500 futures are currently reporting a 0.6% drop. Also, the dollar side of the story has turned bearish this week due to the Federal Reserve's 50 basis point rate cut. Violates… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
