Technical Analysis

Yen leads the way ahead of European trading

Other major currencies keep more mixed

The plunge in long-end yields yesterday is part of the consideration for yen pairs at the moment as the flattening of the yield curve also suggests more pressing problems surrounding the economic outlook perhaps.Invest in yourself. See our forex education hub.

While yields are holding up better so far today, the mild bounce pales in comparison to the sharp drop overnight and yen pairs are still failing to get off the ground.

USD/JPY is down 0.2% to 113.55 as sellers keep a more bearish near-term bias on a hold below its 100-hour moving average (now seen at 113.83):

But there is some minor support around 113.41 that is holding before any further downside momentum is seen for the time being at least.

Elsewhere, EUR/USD continues to look more sticky around 1.1600 ahead of the ECB later today while USD/CAD is up slightly after a drop yesterday following a more hawkish tilt by the BOC in ending its QE program outright instead of a gradual taper.

The latter pair is now up to 1.2370, up from near 1.2300 on the drop yesterday.

Meanwhile, AUD/USD is down a a touch to 0.7508 as price continues to hang above key near-term levels at 0.7481-98 but below its 200-day moving average at 0.7557.

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