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JPY Retains Its Safe Haven Status


US Dollar continue to weaken against Yen today as worries over the outlook for growth in China decreasing the risk appetite of investors and increasing the demand for safe haven. On the hourly chart, we can see that the pair was earlier consolidating between the two contracting trend lines and broke the support trend line to move in the downward direction. Currently the pair is trading around the lows of March 6. It seems like sometimes market gets too hung up on China but they have such a big pull on things like commodities that everything gets sucked into it.

On the 4 hour chart, we can draw out next support levels for the pair if the pair goes down. May be good time to buy these dips. Tomorrow US Unemployment data and Retail Sales data coming out which might give some strength to USD if comes out to be strong.