FXstreet.com (Barcelona) – From close to 79.60, the USD/JPY has been coming down since the Asian session and sharpened the fall during as the European opens, reaching as low as 79.23. The most selling volume of the USD/JPY seems to be from Japanese exporters.
The Chinese weakening domestic demand seen in the trade balance data has also something to do with the fall. The Japanese consumer confidence dropped from 40.7 to 40.4 in June, against rising expectations to 40.9.
“Downward movement could be anticipated should USD/JPY break below the trendline and hold at levels below 79.20”, wrote Deltastock.com analyst Stoyan Mihaylov.
