Key news updates for USD/JPY
USD/JPY Technical Analysis
With the yen posting sharp gains last week, we start at lower levels.
111.69 was the high point of the yen rally in the first half of May. 111.15 follows.
110.40 (mentioned last week), is the next resistance line.
109.73 has held in resistance since the end of May.
109.35 is the next resistance line.
108.70 has some breathing room after sharp losses by USD/JPY late in the week.
108.10 was a swing low in late May.
107.50 capped the pair in early April.
106.61 is next.
105.55 has held in support since early January.
104.65 is the final support level for now.
USD/JPY Daily Chart
I am bearish on USD/JPY
The yen posted sharp gains last week, and tensions in the Persian Gulf could boost the safe-haven currency, as investors nervously eye breaking developments. The Fed has all but advertised a rate cut, which the markets are predicting will occur later this year. This could dampen enthusiasm for the U.S. dollar.