- USD/JPY pair declined on Friday as market worries over a potential British exit from the European Union increased the demand for safe heaven Japanese yen.
- Japanese yen benefited as investors reassessed the probability of Britain voting to leave the European Union in a referendum next week.
- Further upside is expected to be limited as the pair finds strong resistance at 105.29 which should limit upside and bring a decline towards lower levels in the short term.
- To the upside, the immediate resistance can be seen at 104.47, a break above this level would take the pair towards next resistance level at 104.81.
- To the downside immediate support can be seen at 103.63, a break below this level will open the door towards next level at 103.00.
Resistance Levels
R1: 104.47 (50% Retracement Level)
R2: 104.81 (Daily high)
R3: 105.29 (61.8% Retracement Level)
Support Levels
S1: 103.63 (38.2% Retracement Level)
S2: 103.00 (Psychological Level)
S3:102.63 (23.6% Retracement Level)
