FxWirePro: USD/JPY heads deeper into bear territory, more downside expected
The USD/JPY pair declined to hit low at 112.36 levels during mid-European session, however the pair pulled back some losses after the release of jobless claims data from US market. The pair hit fresh 17 -month low on Thu…
The USD/JPY pair declined to hit low at 112.36 levels during mid-European session, however the pair pulled back some losses after the release of jobless claims data from US market.
The pair hit fresh 17 -month low on Thursday on expectation that Federal Reserve will exercise caution in proceeding with further rate hike.
Currently the pair is trading around 108.08. levels, it is set to falling further lower towards 107.50 levels in the short term on safe heaven bids.
Strong support can be seen at 107.97, a break below this level will expose the pair towards next support level located at 107.68 levels.
Major resistance can be seen at 109.18, a break above this level will open the gates towards 109.93 levels.
