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USD/JPY bounce overnight from trendline support failed near 118 handle and the major dropped to new session lows towards the mid-point of 117 handle.
- Yen back in demand amid falling Japanese stocks, Asian stocks have been volatile triggering risk-off trades.
- Strong support for the pair lies at 116.65 (trendline) and further below at 116 levels, while on the upside resistance is seen at 118.02 (Jan 11 & session highs) ahead of 118.75 (Jan 7 highs).
- Price action is well below the cloud and moving averages biased lower. RSI and Stochs on dailies are deeply in oversold territories.
- The data calendar is rather empty today, nothing of note for the JPY in terms of macro news except for the BOJ Governor Kuroda's speech.
Recommendation: We will wait for further technical confirmation to initiate any trade
