USD/JPY: longer term remains bearish - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the Japanese yen weakened on this first day of the week, with the USD/JPY pair rising up to 102.65 during the American afternoon, its highest since August 2nd.

Key Quotes:

"Data coming from Japan showed that the adjusted current account came in at ¥1.65 trillion, well below the surplus of ¥3.20 trillion for July expected, but above the previous ¥1.41 trillion. Undermining yen's demand were stronger oil prices, and a steady advance in Asian and European stocks."

"Despite the short term positive tone, the Japanese yen maintains its long term bullish trend, and a test of the 100.00 level in the pair can't be disregarded. In the meantime, the 1 hour chart shows that the price reached its 200 SMA, unable to extend beyond the indicator, but hovering around it, whilst indicators have partially corrected lower, but turned flat within positive territory, giving the firsts signs of upward exhaustion."