FxWirePro: USD/JPY bounces off strong trendline support, back above 107 handle
USD/JPY is extending recovery above 107 handle after hitting fresh 18-month lows at 105.54 on Tuesday's trade. Selling across the Asian markets appear to have stalled amid thin trades and limited volatility as the Japane…
USD/JPY is extending recovery above 107 handle after hitting fresh 18-month lows at 105.54 on Tuesday's trade.
Selling across the Asian markets appear to have stalled amid thin trades and limited volatility as the Japanese markets remain closed for the week.
US ADP jobs data, ISM non-manufacturing PMI and factory orders data lined up for release later in the NY session will be watched for influence on the pair.
Immediate resistance is located at 107.44 (daily high) ahead of 108 and then 108.44 (April 11th highs).
While to the downside, the immediate support is seen at 106.90(5-DMA), then 106.52 (daily low) and below that at 106 (round number).
Weakness only on breaks below 105.50 (trendline support). A close above 5-DMA (106.90) could see further upside.
