The Nikkei Average didn't waste time after a long holiday week that saw the NK225 surge towards and closer to the 20k level. The USDJPY equally rallied to its current levels @114.00 with a registered high @114.36 supported by a price recovery of the USD marked with the DXY @99.76 basis point. This may lead to a path for the Yen to weaken further in value @115.50 USDJPY equivalent in the near term that would serve as its first line of defense from a continuing USD price recovery but not to discount the possibility of a pullback lower before it does make its run.
EURJPY Cross Rate As of 5.11.17
Speaking about the USD - DXY; on a chart perspective the daily consolidation that stabilized the previous trend lower have formed a weekly cluster defined as a technically motivated island that signaled a high probability of a continued price recovery from a recent low @98.72 and currently trading @99.76 in the early US session with extensions @98.00 - 98.20 thereafter. Click here to continue
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