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 is 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.
USD/JPY Daily Chart
I am bearish on USD/JPY
The Japanese economy has not looked all that strong, but the yen has done well against the dollar, and USD/JPY dropped below the 107 level this week for the first time since early May. In the U.S., there has been a spike in the number of Corvid-19 cases, which has meant that the easing of restrictions may have to be curtailed. This could mean trouble for the U.S. economy and is bearish for the greenback.
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