Yen strengthened against major currencies following anxiety in the market after Deutsche Bank AG triggered worries about European banking sector. Investors are also looking for safe-haven assets ahead first presidential debate between Hillary Clinton and Donald Trump.
A poll that was initiated by Bloomberg showed that both Trump and Clinton have same chance to win the debate.
The Japanese yen is considered as safe-haven currency because market sees that Japan current account surplus is good.
USDJPY remains under pressure. We can see on hourly chart: a pull-back move is occurring, approaching intraday resistance area at 100.458-100.694. 20 MA has crossed below 50 MA on the same chart, while stochastic is almost overbought.
As intraday trading strategy, watch for bearish signal confirmation on a pull-back move to within the resistance area with target at 100.313 and 100.078 in extension.
Be careful if the price managed to break the resistance 100.694 because it will turn the intraday bias into bullish and probably will be followed by bullish move up to 100.839-101.074.
Sell on bearish signal confirmation within 100.458-100.694; target at 100.313-100.078