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USD/JPY Sub-107.00 Targets Favored on Bearish RSI Momentum

USD/JPY Sub-107.00 Targets Favored on Bearish RSI Momentum

David Song, Strategist

Talking Points:

- USD/JPY Extends Decline as Risk Sentiment wanes; SSI Flips for First Time Since August.

- AUD/USD Holds Monthly Opening Range; Looking for Lower-High Amid Bearish RSI Momentum.

- USDOLLAR to Face More Fed Rhetoric; Retail Sales & Beige Book to Highlight Growth Concerns?

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USD/JPY Daily Chart
  • USD/JPY remains at risk for a larger decline as the risk-off environment gathers pace; downside targets remain favored as bearish momentum in the Relative Strength Index (RSI) continues to take shape.
  • Next downside objective comes in around 106.80 (38.2% retracement) to 106.85 (100% expansion).
  • Seeing increased volatility in the DailyFX Speculative Sentiment Index (SSI) as the ratio flipped for the first time since August, but retail crowed has turned net-short USD/JPY once again as the ratio currently stands at -1.00.


AUD/USD Daily Chart
  • AUD/USD looks poised to a larger correction as it holds above the opening monthly low at 0.8641, with the RSI continuing to come off of oversold territory.
  • Need to see a break of the near-term bullish RSI momentum to revert back to the approach of looking for opportunities to ‘sell bounces’ in AUD/USD.
  • Will look for a lower-high as the correction remains in play, with the next topside region of interest coming in around the 0.8900 pivot to 0.8920 (23.6% retracement).

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Read More:

Price & Time: Do or Die Levels For Risk?

GBP/USD to Eye 1.5900 on Slowing U.K. Consumer Price Inflation

USDOLLAR(Ticker: USDollar):





Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index






USD/JPY Sub-107.00 Targets Favored on Bearish RSI MomentumUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar Index remains vulnerable to a further decline as U.S. Retail Sales are expected to contract 0.2% in September; will Fed’s Beige Book add to global growth concerns?
  • Lots of Fed officials on the wires with Charles Evans, Charles Plosser, Dennis Lockhart, Narayana Kocherlakota, James Bullard, Eric Rosengren and Chair Janet Yellen scheduled to speak later this week.
  • Will continue to watch 10,869 (78.6% retracement) to 10,887 (61.8% retracement) over the near-term, followed by 10, 752 (38.2% expansion) to 10,759 (61.8% retracement) should we see dovish rhetoric coming out of the Fed.

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Fed’s Charles Evans Speaks on U.S. Economy


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--- Written by David Song, Currency Analyst

To contact David, e-mail Follow me on Twitter at @DavidJSong.

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