FxWirePro: Yen Continues to Add Strength Against US Dollar, Intraday Bias Remains Bearish
- USD/JPY is currently trading around 106.60 marks.
- It made intraday high at 107.08 and low at 106.51 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 107.38 marks.
- A daily close above 107.38 is required to take the parity higher towards key resistances around 107.90, 110.44, 112.60 (55D EMA) and 113.42 levels respectively.
- On the other side, a sustained break below 106.35 will drag the parity down towards key supports at 105.71, 105.45 and 104.55 levels respectively.
- Today Japan released core machinery orders with negative numbers at -11.0% m/m vs 5.5% m/m previous release. In addition, M2 money stock remains flat at 3.4% m/m.