A bearish technical development has been detected in USD/JPY, namely an intraday “Death Cross” formation.
This technical event consists of a cross of the 100-period below the 200-period moving averages. This per se rare event, becomes extremely rare if the pair has witnessed a meaningful correction before or during the cross. This bounce allows trend-following USD/JPY traders adhere to the trend at fair valued prices following an otherwise very risky signal.
(Market News Provided by FXstreet)