FxWirePro: USD/JPY Consolidates Around 108.30 Levels, Bias Remains Bullish
9 May 2016, 16:12
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FxWirePro: USD/JPY Consolidates Around 108.30 Levels, Bias Remains Bullish
- USD/JPY pair made gains on Monday after buyers stepped in after Japan’s finance minister said Tokyo was ready to intervene in the currency market if needed and strong demand for risker assets limited demand for safe heaven assets like Japanese yen and gold.
- The pair fell towards 107.21 levels initially in the earlier Asian session, but strong buying interest pushed the pair towards 108.21 levels.
- Further decline is expected to be limited as the support level at 107.20 levels is set to hold the bears from falling further below, and bring a rebound towards higher levels, therefore it’s good to buy this pair on dips.
- Immediate support can be seen at 108.22, a break below this level will expose the pair downwards towards 107.71 levels.
- Major resistance can be seen at 109.50, a break above this level will open the door towards 109.90 levels. Resistance Levels R1: 108.85 (23.6% Retracement Level) R2: 109.50 (April 19th high) R3: 109.90 (April 21st high) Support Levels S1: 108.22 (38.2 % Retracement Level) S2: 107.71 (50 % Retracement Level) S3: 107.20 (61.8% Retracement Level)
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