Price is still trading below the 100 and 200-hour moving averages since Monday. Selling is strong maintaining the short-term bearish sentiment. But the lack of escalation in world trade tensions, the buyers are now slowly losing their bullish appetite to push price higher.
The Japanese yen pushed a little higher early in the session but not too much. The lows have tested the support just under 111.00 and then bounced back higher. The pair now trades near its highs, but is still in a tight daily range and is just under the 100-hour MA 111.19 and the 200-hour MA 111.18. Now the weak momentum favors sellers but buyers have to defend any move to the downside. The lack of escalation between the US and China is helping a little as stocks are more or less in a range on the day. This is the calm before the storm as investors are awaiting the next clue to come out. NAFTA negotiations are set to resume tomorrow while there's also still the threat of the president of the United States to officially announce the $200 billion tariffs on Chinese goods later in the week.
The emerging market crisis came back
Daily Analysis - 04/09/2018
