Major resistance- 107.90 (61.8% fib)
USDJPY recovered till 107.88 from a low of 106.96 and started to decline from that level. The overall trend is still weak as long as resistance 108.50 holds. US final GDP grew at a 2% annual pace for the month of June to Sep in line with forecasts of 2%. It hits an intraday low of 107.513 and is currently trading around 107.53.
On the flip side near term, support is around 107.40 and any violation below will drag the pair to the next level till 106-95-107. Any close below 107 confirms minor trend reversal.
The near term resistance is around 107.90 and any convincing break above targets 108.50. Major bullish continuation only above 109.30.
It is good to sell on rallies around 107.60-65 with SL around 108 for the TP of 106.95/106.50.
