There was very little economic news today and the USD tried to bounce at a technical level just above 91.00
Equity markets were moving down from their recent highs and currency flows – typical of the “risk off” environment moved to the yen.
A short was taken in the USDJPY after it made a third lower high in the U.K. session risking 10 pips for a potential 45 pips to our daily target at 107.96. Price moved lower for the balance of the U.K. session overlap and we exited the trade at the London close. Yen crosses moved lower too, with commodity currencies being particularly vulnerable to the downside.
The DXY has moved down since its March 31st rise to 93.45 and currently rests just above a technical level near 91.00. A close below 91.00 could see the 90.47, 90.00 and 89.73 levels tested. Continued closes above 91.00 could see the index test the 91.50 area and 92.00.
Good luck with your trading!
