FxWirePro: USD/JPY neutral near-term, scope for downward resumption
The USD/JPY pair is trading around the 108.60 levels, as the pair recovered some ground on Friday after Japans finance ministers warned against rapid yen rise. The pair reached a daily high of 109.10 after the release of…
The USD/JPY pair is trading around the 108.60 levels, as the pair recovered some ground on Friday after Japans finance ministers warned against rapid yen rise.
The pair reached a daily high of 109.10 after the release of US positive data, but retreated towards 108.68 as the pair ran out of strength.
The pair remains under bears control unless until it trades below 110.00 psychological levels, therefore it is good to sell this pair on rallies.
To the upside, the strong resistance can be seen at 109.93, a break above this level would take the pair all the way towards 110.00 levels.
To the downside immediate support can be seen 108.36, a break below this level will take the pair to next level at 107.97.
