Major resistance- 108.35
USDJPY has recovered after easing geopolitical tensions in the Middle East. The Saudi has restored half of its production and the energy minister said that the country is expected to achieve 11 and 12 million barrels per day by Sep and November respectively. It hits high of 108.37 and is currently trading around 108.19.
Markets eye Fed monetary policy for further direction and the chance of central bank to keep rates unchanged has declined from 51.5% to 43.5%,25 bps rate cut increased from 56.5% from 48% a day ago.
On the flip side, 107.40 will be acting as near term support and any break below will drag the 106.80/105.94. Bearish continuation only below 104.40.
The major resistance is around 108.35 and any break above will take the pair till 109/109.31.
It is good to buy on dips around 107.85-90 with SL around 107.40 for the TP of 109.30.
