The yen soared against the US dollar but it failed to break key support and rebounded. Bearish pressure prevail in USD/JPY, but the negative momentum eased. The USD/JPY pair tumbled from 107.20 to 106.06, hitting the lowest level since early May. After losing more than a hundred pips, the US dollar found some support as the decline become substantial. The bias still points to the downside, but the pressure eased after finding support above 106.00. The bounce from the low lost momentum around 106.50, showing some consolidation between 106.80 and 106.25, seems likely over the next hours. If USD/JPY rises above 106.70, it could gain further strength while above 107.00/10 (20-SMA in 4-hour chart) could suggest that the dollar formed an interim base. While it remains below 107.00, another test of 106.00/10 should not be ruled out. A break lower would target 105.50, leaving the pair vulnerable to more losses. USD/JPY 4-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Mexico: Banxico to cut 50bps at their next three meetings – TD Securities FX Street 2 years The yen soared against the US dollar but it failed to break key support and rebounded. Bearish pressure prevail in USD/JPY, but the negative momentum eased. The USD/JPY pair tumbled from 107.20 to 106.06, hitting the lowest level since early May. After losing more than a hundred pips, the US dollar found some support as the decline become substantial. The bias still points to the downside, but the pressure eased after finding support above 106.00. The bounce from the low lost momentum around 106.50, showing some consolidation between 106.80 and 106.25, seems likely over the next hours. If USD/JPY rises… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
