MujkanovicFX

USD/JPY: Can risk-off push the pair lower?

שורט
FX:USDJPY   דולר אמריקאי / יין יפני
Hi traders, the USDJPY pair could provide a selling opportunity after the pair retraced near the 108 round-number resistance, which aligns with a strong horizontal resistance and the 38.2% Fib.

The 1-hour chart shows a double top pattern, signaling some more weakness in the pair.

Since we don't take trades based on technical levels, here're some other remarks.

Risk sentiment: Deteriorating on ongoing Hong Kong protests and escalating US-China tensions. Major stock indices are down, except European ones that are optimistic on EC's new recovery fund.

Economic Indicators: Neutral for both countries

Correlations: Divergence forming between yield differentials and the current exchange rate, pointing to more weakness.

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Let me know what you think of USD/JPY in the comment section below.

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