USD/JPY remained in strong bearish tone on Wednesday as demand for safe-haven yen steadied as worries over geopolitical tensions checked investors' risk appetite. The Syrian conflict has been the centre of concern for in…
USD/JPY remained in strong bearish tone on Wednesday as demand for safe-haven yen steadied as worries over geopolitical tensions checked investors' risk appetite.
The Syrian conflict has been the centre of concern for investors as it puts the United States on a collision course with Moscow, allies of Syrian President Bashar al-Assad. Fraying nerves further, North Korea warned on Tuesday of a nuclear attack on the United States.
The ongoing weakness is set to continue for this pair as the resistance level at 110.40 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, immediate resistance can be seen at 110.00, a break above this level would take the pair towards next resistance level at 110.40.
To the downside immediate support can be seen at 109.32, a break below this level will open the gates towards next level at 108.54.
