The “bulls” breached resistance 85.10- 84.90 and even tested 85.80/90, but they didn’t manage to fix there, so the price is currently pulling back downwards and the trading is held at level 84.70/75. Indicators reversed to a downward movement, which suggests further price fall. On the other hand, there is support 84.40/50 on the way, which can become a pivot point. At the same time, complicated yen’s financial and political situation suggests a possible range trading, limited by levels 84.40/84.90 – 85.00/10, with a high risk of  support range descending to 84.00/83.90. As for the middle-term outlook, the “bullish” mood is most likely to be dominating.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst