USD/JPY Turns Red, Risk Of More Downsides

Key Highlights

  • USD/JPY extended its decline below 108.50 and 108.00.


  • Two bearish trend lines are forming with resistance near 108.30 and 108.60 on the 4-hours chart.


  • EUR/USD is stable above 1.2000, but GBP/USD extended its decline below 1.3900.


  • The US Manufacturing PMI could increase from 59.1 to 60.5 in April 2021 (Preliminary).

USD/JPY Technical Analysis


The US Dollar started following a bearish path from well above 110.00 against the Japanese Yen. USD/JPY broke many important supports near 109.00 and 108.50 to move into a bearish zone.



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