FxWirePro: USD/JPY neutral in the near-term, scope for downward resumption
USD/JPY declined on Tuesday as political uncertainty from the United States to the Middle East and weakness in commodity markets pushed investors towards safe-haven Japanese yen. The yen also gained amid prevailing cauti…
USD/JPY declined on Tuesday as political uncertainty from the United States to the Middle East and weakness in commodity markets pushed investors towards safe-haven Japanese yen.
The yen also gained amid prevailing caution as an Arab rift opened up around Qatar, and ahead of testimony from the former head of the FBI, a British election and the European Central Bank's next move which all happen on Thursday.
The pair remains under bears control unless until it trades below 110.03 resistance level, therefore it is good to sell this pair on rallies.
To the upside, immediate resistance can be seen at 109.62, a break above this level would take the pair towards next resistance level at 110.03.
To the downside immediate support can be seen at 109.27, a break below this level will open the gates towards next level at 109.00.
