Key news updates for USD/JPY
USD/JPY Technical Analysis
110.63 has been a resistance line since late March.
109.73 is protecting the 110 level, which has psychological significance.
108.70 (mentioned last week) is next.
108.10 switched to resistance in early June, when USD/JPY fell sharply.
107.30 remains an immediate resistance line.
106.61 is the first line of support.
105.55 has held in support since mid-March.
The round number of 104 is the final support level for now.
I am neutral on USD/JPY
Despite the economic turmoil across the globe, the Japanese yen has not lived up to its safe-haven reputation. Surprisingly, risk currencies such as the Australian dollar have rallied. The US dollar has also hit a rough patch, as the human and economic toll that Corvid-19 has taken in the US has dampened enthusiasm for the greenback. Both currencies appear to be holding a “losing hand”.
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