USD/JPY breaks below 100-DMA, good to sell rallies
USD/JPY slips below 103.00 handle to hit 4-week lows of 102.55, intraday bias lower.
Renewed bout of risk aversion coupled with aggressive USD selling weighing on the pair.
Markets pricing in a potential Trump win now, increased nervousness heading into the US elections scheduled next week.
Technical studies are heavily bearish, we see scope for further downside.
The pair has slipped below 100-DMA support at 102.81, and we see 5-DMA on verge of a bearish crossover on 20-DMA.
Good to sell rallies around 102.80/90, SL: 103.55, TP: 102.55/ 102/ 101.80/ 101.20
Renewed bout of risk aversion coupled with aggressive USD selling weighing on the pair.
Markets pricing in a potential Trump win now, increased nervousness heading into the US elections scheduled next week.
Technical studies are heavily bearish, we see scope for further downside.
The pair has slipped below 100-DMA support at 102.81, and we see 5-DMA on verge of a bearish crossover on 20-DMA.
Good to sell rallies around 102.80/90, SL: 103.55, TP: 102.55/ 102/ 101.80/ 101.20