USD/JPY to accelerate its slump on a break below 102.70

The USD/JPY pair resumed its decline and approaches Monday’s low at 102.70. The pair is technically bearish on the prevalent dollar’s weakness, Valeria Bednarik, Chief Analyst at FXStreet, reports. 

Key quotes

“Investors are now focused on US Georgia Senate elections. The state will decide whether the Senate will remain in the hands of Republicans, or if it will end split 50/50 with Democrats. In the latter case, upcoming vice-president Kamala Harris will make the difference in her Senate´s president role.”

“From a technical point of view, the USD/JPY pair is at risk of extending its slump. The 4-hour chart shows that a firmly bearish 20 SMA contained the upside, now around 103.10.”

“The USD/JPY pair would accelerate south on a break below 102.70, the immediate support.”