FxWirePro: USD/JPY struggles to hold above 102 handle, intraday bias neutral
Moderate risk-on in the markets in early Asian session, Nikkei gains accompanied by a recovery in the treasury yields and a rise in S&P futures. Offered tone around Yen gathered pace, USD/JPY edges higher from session lo…
Moderate risk-on in the markets in early Asian session, Nikkei gains accompanied by a recovery in the treasury yields and a rise in S&P futures.
Offered tone around Yen gathered pace, USD/JPY edges higher from session lows at 101.55.
Pair unable to sustain at highs by 102.20, slips lower, currently hovers around the 102 handle.
Doji formation in the Asian session till now, narrow range on the day with a high of 102.20 and a low of 101.56.
USD/JPY tags on to the lower Bollinger Band, techs are still inconclusive, pair trades with a neutral bias.
Immediate support and resistance are seen at 101.40 (June 27th low) and 103 respectively.
Uncertainty on the global economic outlook continues in wake of the Brexit decision, volatility unlikely to fade soon.
BOJ Governor Kuroda crossed the wires this Asian morning, making a statement that, “Central banks are ready to take steps to assist proper financial markets functioning.”
Recommendation: We prefer to remain on the sideline for now.
