June Japanese yen futures a selling opportunity on more price weakness.
See on the daily bar chart for the June Japanese yen futures that prices had been in a choppy and sideways trading range for several weeks and on Thursday saw a bearish downside “breakout” to hit a six-week low. The bears have gained fresh downside near-term technical momentum. A move below Thursday’s low of .9657 would become a selling opportunity. The downside price objective would be .9400, or below. Technical resistance, for which to place a protective buy stop just above, is located at .9775.
