FxWirePro: USD/JPY changes short term trend from neutral to bearish
The USD/JPY declined on Friday as oil prices slid and bank shares led global equity markets lower, stoking a fresh wave of demand for safe heaven assets. The pair also declined on expectation that the Federal Reserve is …
The USD/JPY declined on Friday as oil prices slid and bank shares led global equity markets lower, stoking a fresh wave of demand for safe heaven assets.
The pair also declined on expectation that the Federal Reserve is widely expected to leave policy rates unchanged next week.
Further upside is expected to be limited as the pair finds strong resistance at 107.65 which should limit upside and bring a decline towards lower levels.
To the upside, immediate resistance can be seen at 107.15, a break above this level would take the pair towards next resistance level at 107.65.
To the downside immediate support can be seen at 106.66, a break below this level will open the door towards next level at 106.03.
