FXWIREPRO: USD/JPY Rangebound, Remains Capped Below 5-Dma at 108.44
- USD/JPY trades largely rangebound in the Asian session, with a high of 108.27 and a low of 107.87.
- Eisuke Sakakibara, former Japanese Finance Ministry official said that USD/JPY may continue to fall towards 105 in the months to come.
- He added that the exchange rate at 105.00 is "no problem" for Japan’s economy, and that any currency intervention may only be conducted with an agreement from the US and other G20 member states.
- The pair has managed a small recovery from multi-month lows of 107.63 hit on Monday, but momentum heavily bearish.
- Supports for the pair are seen at 107.60 then 106.25 and 105.20. While resistance on the upside is located at 108.44 (5-DMA) ahead of 109.
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