USD/JPY Extends Losses to 5-Day Low
USD/JPY extended
its decline during the New York session and posted fresh 5-day lows as
the yen remains among the stronger currencies across the board.
USD/JPY has dropped more 100 pips over the last sessions, breaking
decisively below the 110 handle to hit its lowest level since Thursday
at 109.11 in recent dealings. At time of writing, the pair is trading at
109.16, recording a 0.88% loss on Monday.
The dollar strengthened last week on the back of FOMC minutes, which
flagged a possible June rate hike, but the rally was capped by the
110.60 area on Friday.
USD/JPY levels to watch
As for technical levels, next supports could be faced at 108.75 (21-day
SMA), 108.45 (May 16 low) and 108.22 (May 12 low). On the flip side,
resistances are seen at 109.96 (50-day SMA), 110.37 (May 19 high) and
111.87 (Apr 28 high).
