USD/JPY Inches Back Above 106.50 Level
After a minor dip back to session low, the USD/JPY pair resumed with its recovery from multi-month lows to currently trade near 106.60.
During
the European session, renewed bout of weakness in US Dollar against its
major counterparts invited fresh offers for the USD/JPY pair near
106.70 level. The pair, however, managed to claw back from lows to
currently trade around 10-pips away from session high.
Later
during the US session, traders will confront the release of US ISM
manufacturing PMI, which is likely to set the pair's course for rest of
the trading day.
Technical levels to watch
From
technical perspective, move above day's high of 106.73 seems to assist
the pair to move back above 107.00 mark, towards 107.25-30 resistance
area.
On the downside, weakness below 106.30 level is likely to
seek support at multi-month low level of 106.14, which if broken seems
to expose Oct. 2014 lows support near 105.20 area.
