- The yen remains supported by risk aversion and lower US yields.
- The USD/JPY pair is testing a relevant short-term support around 110.50. A break below would signal the end of the corrective move, exposing the 110.00/05 area.
USD/JPY 15-minutes chart
- The stronger yen could test 110.00 relatively soon. If it breaks below the next target is 109.60, the 50% Fibonacci retracement of the March-October rally.
- On the upside, the immediate resistance is 111.70. Above the US dollar could gains strength for a recovery on top of 112.00. The next critical resistance is 112.20 (Dec 6 and 10 low).
USDJPY Daily Chart
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