30.11 - USD/JPY’s path of least resistance appears to the downside
USD/JPY holds the lower ground below 104.00 heading into the European open, mainly undermined by the persistent weakness in the US dollar amid economic rebound expectations. Further, upbeat Japanese Industrial Production and Retail Sales for October cheer the JPY bulls, weighing further on the spot. Meanwhile, falling S&P 500 futures also collaborate with the downside in the major.
From a near-term technical perspective, the spot is trending in a falling wedge formation over the last one week on the hourly chart. The price is teasing a bearish breakdown, with the pattern likely to get confirmed on an hourly close below the falling trendline support at 103.82.
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