FxWirePro: USD/JPY changes short term trend from neutral to bearish
USD/JPY declined on Tuesday as demand for safe haven Japanese yen was bolstered by North Korea tensions and nervousness ahead of the French presidential election. U.S. Vice President Mike Pence reassured Japan of America…
USD/JPY declined on Tuesday as demand for safe haven Japanese yen was bolstered by North Korea tensions and nervousness ahead of the French presidential election.
U.S. Vice President Mike Pence reassured Japan of American commitment to reining in North Korea's nuclear and missile ambitions on Tuesday, after warning that U.S. strikes in Syria and Afghanistan showed the strength of its resolve.
Investors were also concerned ahead of the first round of the country's presidential election this Sunday, even though an opinion poll put centrist Emmanuel Macron first, just ahead of far-right, anti-euro candidate Marine Le Pen.
The ongoing downside is set to continue for this pair as the resistance level at 110.57 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the immediate resistance can be seen at 109.28, a break above this level would take the pair towards next resistance level at 109.86.
To the downside, immediate support can be seen at 107.93, a break below this level will open the door towards next level at 107.00.
