USD/JPY Rejected Once Again Near 106.70, Revisits 106.30
USD/JPY’s recovery
from multi-month lows once again met supply near 106.70 region,
knocking-off the major sharply lower towards session lows.
USD/JPY heading towards 18-month lows?
The
dollar-yen pair came under renewed selling pressure in the European
session, as the yen halted its corrective slide and resumed its ongoing
bullish streak backed by BOJ’s inaction at its policy meeting last week.
More so, a renewed bout of selling interest hit the US dollar against
its major peers and added to the subdued trading seen in USD/JPY. At the
moment, the major hovers around 106.40, having tested fresh session
lows near 106.35, down -0.05% on the day.
Later today, the US ISM
index and the sentiment on the European and US stocks will drive the
moves in the major. While in the week ahead, the US jobs data along with
Fed speaks will have major influence on USD/JPY.
USD/JPY Technical levels to watch
In
terms of technicals, the immediate resistance is located at 107 (round
number). A break above the last, the major could test 107.75 (5-DMA).
While to the downside, the immediate support is seen at 106.16/00
(Multi-month lows) and below that at 105.50 (Oct 2014 levels).
