Yen slightly ahead to start European morning trade

Technical Analysis

Author: Justin Low | usd

Dollar keeps steadier for the most part

USD/JPY is down slightly to 110.14 from around 110.20-25 earlier as the yen is keeping a touch firmer as we get things going in European trading today.

USD/JPY H1 27-07
The chart reveals that sellers have managed to seize back some near-term control after several attempts to try and breach the key hourly moving averages previously.

The near-term bias is more neutral now but there is still support @ 110.00-04.

There are some negative undertones coming from China, as equities declined sharply for yet another session after yesterday's bloodbath. That said, the dent to sentiment is largely contained to Hong Kong and mainland stocks for now.

Elsewhere, European and US futures are more tepid but that isn't hinting at much as it comes off the gains yesterday. The bond market is flattish so that isn't giving traders that much to work with too.

Commodity currencies are slightly softer with AUD/USD down 0.2% to 0.7365 and NZD/USD down 0.3% to 0.6980 but ranges are still relatively narrow for the most part.

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