The greenback weakened against the Japanese yen in New York session on Tuesday (June 7, 2016). Uncertainty about Fed rate weighed on USD. The uncertainty came up after disappointed US job data which were released last week. Nevertheless, Janet Yellen said that market was overreacted to the data. She also said that in general US job market remains positive. 

Yet, market expects that the Fed will not raise rate this month. July possibly is too soon and September remains uncertain. 

Technically, USD/JPY remains in bearish bias for intraday outlook. Our bearish target is 106.359 for today, which is intraday key support. If the key support breaks, I expect to see deeper bearish move to 105.637-105.031.
Note that hourly stochastic and CCI are oversold. As alternative strategy, watch for bearish signal confirmation on a pull-back move to within Fibonacci resistance area at 107.373-108.000 with 109.986 as target and 106.359 in extension. 
Be careful if the price managed to break resistance 108.000 because it will turn the intraday bias to bullish and possibly will be followed by bullish move up to 108.446-109.014.

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