Yen demand on the rise in Asia on heightened trade war angst as China lashes out against US in trade wars.
Technical studies for the pair are highly . is below 50 and momentum is .
20-DMA is pointing south and we see -ve DMI dominance which adds to bias.
Break below major support at 76 raises scope for test of 74.83 (61.8% Fib retracement of 69.232 to 83.910 rally).
On the flipside, 5-DMA at 76.30 is immediate resistance, break above 20-DMA at 77.05 negates bias.
Support levels - 75.62 (April 12 low), 75, 74.83 (61.8% Fib retracement of 69.232 to 83.910 rally)
Resistance levels - 76, 76.30 (5-DMA), 77.05 ( 20-DMA ), 78
Good to go short on rallies around 75.75/76, SL: 76.80, TP: 75/ 74.85/ 74.