FxWirePro: USD/JPY pauses decline, downside side remains intact
The USD/JPY declined on Thursday as the slump in stock prices in major world markets increased the demand for Japanese yen. The dollar rebounded against other currencies, except for the yen, following the prior day's los…
The USD/JPY declined on Thursday as the slump in stock prices in major world markets increased the demand for Japanese yen.
The dollar rebounded against other currencies, except for the yen, following the prior day's losses tied to reduced bets on a pending U.S. interest rate increase following last week's disappointing jobs report.
Further upside is expected to be limited as the pair finds strong resistance at 107.65 which should limit upside and bring a decline towards lower levels.
To the upside, the immediate resistance can be seen at 107.17, a break above this level would take the pair towards next resistance level at 107.65.
To the downside immediate support can be seen at 106.66, a break below this level will open the door towards next level at 106.06.
