The rice has edged higher today, but has failed to jump above the 114.82 previous high, has increased as much as 114.76 level, but has retreated again in the last hours because the US dollar is weakened by the US dollar index, which has plunged aggressively and now is very close to take out the 100.39 static support, a drop below this level will open the door for more declines. The Yen has decreased today as the Nikkei stock index has increased after the last days decrease, the JP225 maintains a bullish perspective on the short short, could approach the 19000 psychological level, this situation will push the Yen much lower.

The Yen has dropped sharply as the Japanese economic data have disappointed, the Consumer Confidence has decreased from 42.3 to 40.9 points, signalling that the confidence has deteriorated, has reached the lowest level since June. On the other hand, the USD has fallen despite the positive economic numbers, the data have come in better, but the greenback is under pressure ahead of the FOMC Monetary Policy Meeting. The USD’s depreciation was somehow expected after the USDX’s impressive rally.

The  price has rallied in the first part of the day, but now has slipped lower again, has failed to stay above the 23.6% retracement level, signalling that he could drop much deeper in the coming days. The rate is expected to challenge the median line (ml) of the minor ascending pitchfork, a drop below this dynamic support will attract more sellers which will drive the rate towards the lower median line (lml) of the ascending pitchfork and towards the first warning line (Wl1) of the major descending pitchfork.

The price could drop if will close today below the 23.6% retracement level, could decrease because the USDX has fallen below the 100.00 psychological level, the index is very heavy right now and could drop much deeper. The Upside movement will resume only if the price will climb above the previous high and if will have enough energy to stabilize above the 23.6% retracement level.