FxWirePro: USD/JPY neutral near-term, scope for downward resumption
USD/JPY pair declined on Tuesday as chances of Britain voting next week to leave the European Union grew, resulting in increased demand for safe-haven Japanese yen. The pair recovered some lost ground in the early US ses…
USD/JPY pair declined on Tuesday as chances of Britain voting next week to leave the European Union grew, resulting in increased demand for safe-haven Japanese yen.
The pair recovered some lost ground in the early US session after data showed stronger than expected U.S. retail sales report for May.
The currency pair is trading around 106.00 levels, it is expected to reach 105.50 levels and 105.00 levels in the short term.
To the upside, the strong resistance can be seen at 107.67, a break above this level would take the pair towards next resistance level at 108.00.
To the downside immediate support can be seen at 106.00, a break below this level will open the gates towards next level at 105.53.
