USD/JPY Analysis: Plunges To New Yearly Low

USD/JPY Analysis: Plunges To New Yearly Low

The US Dollar continued to trade lower against the Yen for the second consecutive session. This bearish momentum was rather steady during the most session on Thursday, as bears were reluctant to push the rate below its 2017/2018 low and the weekly S1 at 105.30.

Strong downside risks were introduced late in the evening when the US Dollar weakened substantially in response to Trump announcing tariffs on Chinese imports.

The Asian session marked a slight consolidation above the weekly S2, the monthly S1 and the bottom boundary of a four-month channel circa 104.50. It is expected that this cluster supports the rate and pushes the Greenback higher. The pair could hinder at 105.30, but eventually continue even higher to cap gains near the 106.30 area

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