Eric Theoret, CFA, CMT FX Strategist at Scotiabank explained that USD/JPY has tested a fresh two week low and trend signals hint to a rise in downside risk.
"However momentum indicators are close to neutral and USDJPY has yet to break its multi-month range roughly bound between 111 and 115. Near-term support is expected at 111.20 and the crucial 111 level."
"Near-term resistance is limited ahead of 112.50 and the short term MA’s at 112.54 (9d MA) and 112.68 (21d MA)."
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