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