FXWIREPRO: USD/JPY Edges Higher from Fresh Multi-Month Lows at 107.63, Finds Strong Support at 107.60

FXWIREPRO: USD/JPY Edges Higher from Fresh Multi-Month Lows at 107.63, Finds Strong Support at 107.60

11 April 2016, 06:37
Roberto Jacobs
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FXWIREPRO: USD/JPY Edges Higher from Fresh Multi-Month Lows at 107.63, Finds Strong Support at 107.60

  • USD/JPY remains with a bearish bias, has hit fresh multi-month lows at 107.63. 
  • The pair finds strong support at 107.60, breaks below could see further weakness. Tests of 106.80 and then 106.25 then likely.  
  • Concerns rise over intervention risk, but we think this is politically very difficult to do ahead of the G7 meeting scheduled next month. 
  • Immediate resistance and support are located at 108 and 107.60. 
  • Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-under-extreme-selling-pressure-test-of-10750-likely-190799) has almost reached target at 107.63.

Recommendation: Book full profits. We see further weakness only on breaks below 107.60 

The material has been provided by InstaForex Company - www.instaforex.com



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