USD/PHP Entering Bearish Channel, May Target 44.12

        0143 GMT [Dow Jones] A bearish technical bias for USD/PHP could be confirmed on a Tuesday close below 44.38--which would activate the Bollinger downtrend channel on the daily chart. Upon confirmation of this bearish signal, USD/PHP may fall toward the 200-day moving average at 44.12 in the days ahead. The U.S. dollar has been trading with a heavy tone in Asia since the mixed U.S. nonfarm payrolls report on Friday. Sentiment for the U.S. dollar could again shift after Wednesday's testimony by U.S. Federal Reserve chief Janet Yellen to Congress on the state of the U.S. economy. USD/PHP is now 44.38 versus its Monday close of 44.40. (ewen.chew@wsj.com)
        (END) Dow Jones Newswires

        May 05, 2014 21:43 ET (01:43 GMT)