USDJPY: Vulnerable, Retains Downside Pressure

Jun 5, 2017

USDJPY: The pair faces further downside pressure in the short term though seen hesitating during early Monday trading. On the downside, support comes in at the 110.00 level where a break if seen will aim at the 109.50 level. A cut through here will turn focus to the 109.00 level and possibly lower towards the 108.50 level. On the upside, resistance resides at the 111.00 level. Further out, we envisage a possible move towards the 111.50 level. Further out, resistance resides at the 112.00 level with a turn above here aiming at the 112.50 level. On the whole, USDJPY looks vulnerable to the downside.

Strategy: Sell at 110.37, Stop loss at 111.06, Price target at 109.37 & 109.00