Key news updates for USD/JPY
USD/JPY Technical Analysis
We start with resistance at 111.62, which was last active in April. 110.62 is next.
109.73 has held in resistance since the end of May. 109.35 is close by.
108.70 remains relevant.
108.10 is providing weak support.
107.30 (mentioned last week) has some breathing room in support. This line switched to support in early October, at the start of the most recent dollar rally.
106.61 is next.
105.55 has held in support since late August.
104.65 was last tested in January. It is the final support line for now.
USD/JPY Daily Chart
I remain bullish on USD/JPY
The new sales tax could dampen consumer spending, which would hurt an already fragile economy. Weak global demand has taken a toll on the Japanese exports and manufacturing sectors. With risk appetite steady, the safe-haven yen will have trouble attracting investors.