FxWirePro: Yen bid on risk-off after Barcelona 'Terror Attack', USD/JPY eyes 'Triple Bottom' at 108.72

• USD/JPY extends slump for 3rd consecutive session, closes below 5-DMA.
   
• We now see scope for test of 'Triple Bottom' at 108.72. Violation there could see further weakness.
   
• Yen bid on risk-off after Barcelona 'Terror Attack', while the greenback remained under pressure on a dovish FOMC.
   
• The pair has retraced from 38.2% Fib levels, and is currently trading at 109.32 levels.
   
• 20-DMA at 110.35 is strong resistance on the upside. Only decisive break above could see further gains.

Support levels - 109.11 (June 7 lows), 109, 108.72 (triple bottom)

Resistance levels - 109.87 (5-DMA), 110, 110.35 (20-DMA), 110.93 (38.2% Fib of 114.49 to 108.72 fall)

Recommendation: Good to go short on rallies around 109.40/50, SL: 110, TP: 109/ 108.75

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -78.0402 (Slightly bearish), while Hourly JPY Spot Index was at 108.836 (Bullish) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 

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