Key news updates for USD/JPY
USD/JPY Technical Analysis
With USD/JPY posting strong losses last week, we start with support at higher levels:
110.62 switched to resistance in late March, when USD/JPY dropped sharply.
109.73 is protecting the 110 level, which has psychological significance.
108.70 (mentioned last week) has switched to a resistance line after sharp gains by USD/JPY last week.
108.10 last saw action in the first week in January.
107.30 is an immediate support line.
106.61 is next.
105.55 has held in support since mid-March.
The round number of 104 was a key line in May 2008.
USD/JPY Daily Chart
I am neutral on USD/JPY
USD/JPY has shown uncharacteristic volatility in recent weeks. Last week’s drop of 1.6% was the strongest move since late March. Given the uncertain economic conditions which have impacted on the global economy, further volatility this week cannot be ruled out.