FxWirePro: USD/JPY neutral near-term, scope for downward resumption
The USD/JPY pair slipped sharply lower on Wednesday as demand for yen increased after Japan's Prime Minister Shinzo Abe announced a delay in a planned sales tax hike and flagged risks to the global economy. However the p…
The USD/JPY pair slipped sharply lower on Wednesday as demand for yen increased after Japan's Prime Minister Shinzo Abe announced a delay in a planned sales tax hike and flagged risks to the global economy.
However the pair pulled back some losses after the release of factory data from US market.
Currently the pair is trading around 109.51 levels, a short rise towards 109.80 levels should be viewed selling opportunity as resistance level located at 110.00 is set to hold the bulls from advancing further and bring decline towards lower levels. in the short term.
Strong support can be seen at 108.21, a break below this level will expose the pair towards next support level located at 107.67.
Major resistance can be seen at 110.00, a break above this level will open the gates towards 110.60 levels.
