DAILY NOTION - FXSTREET - USD/JPY Forecast - Nov 5, 2020
The USD/JPY pair is ending Wednesday as it started it, trading around 104.50. Sentiment swings saw the pair advance to 105.34 to later fell to 104.14, now stable at lower levels as government debt yield was down, indicating a cautious stance from investors. The yield on the benchmark 10-year Treasury yield fell to 0.76%, a fresh weekly low.
What's Next?
The USD/JPY pair is bearish and poised to extend its decline. The 4-hour chart shows that it was unable to retain gains above a bearish 100 SMA, now also below the 20 SMA. Technical indicators are stable within negative levels, lacking clear directional strength but still skewing the risk to the downside. The pair needs to break below the critical 104.00 area to confirm further declines ahead.
Support levels: 104.30 103.95 103.50
Resistance levels: 105.05 105.40 105.85
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