Analysts at Mizuho Corporate Bank note that there was a “bearish engulfing” candle formed last week on the USD/JPY chart. According to them, this is a sign that the greenback has set an interim maximum at 84.39 and will be declining.

The specialists claim that US dollar may find support at the 9-week moving average at 82.31. However, investors have to beware of the market events that can turn out to be unfavorable and make the rate break down.

Mizuho strategists advise to try selling at 82.90/83.05 and stopping above 84.00. The pair’s expected to lower to 81.85.



Chart. Weekly USD/JPY

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