BTMU FX Strategy Research notes that the USD has continued to weaken this week which has resulted in USD/JPY falling below the 110.00-level.
“The sell-off accelerated overnight after USD/JPY broke below its 200-day moving average at around 110.40 for the first time since the middle of last month when it reached a low of 108.13 on the 17th April,” BTMU adds.
“The US dollar is likely to remain offered until there is more compelling evidence that the US economy and underlying inflation is picking up from a weak start to the year.
We see scope for the US dollar index to fall by a further 2-3% after which it would encounter more significant technical support,” BTMU argues.
Source: BTMU Research
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