FxWirePro: USD/JPY outlook weaker on renewed downside pressure
USD/JPY pair inched higher initially in European session up to 106.36, but declined slightly in the early US session after data showed US producer price index printed positive figures. Producer price index for final dema…
USD/JPY pair inched higher initially in European session up to 106.36, but declined slightly in the early US session after data showed US producer price index printed positive figures.
Producer price index for final demand increased 0.4 percent last month after rising 0.2 percent in April, the PPI slipped 0.1 percent after being unchanged in April.
Concerns over Britain’s referendum on its EU membership is set to increase the demand for safe haven assets like Japanese yen, therefore, it’s good to sell this pair on rallies.
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 105.90, a break below this level will open the gates towards next level at 105.53.
