USD/JPY Outlook (26 May 2020)

FX:USDJPY   U.S. Dollar / Japanese Yen
Overall, USD/JPY is ranging across. Recently USD/JPY moved higher into the resistance level of 107.800.

Yesterday, Japan Prime Minister Abe announced the lifting of the state of emergency for Japan from the COVID-19 pandemic.

Earlier today, Bank of Japan governor Kuroda said in a released statement that the Japanese economy has been in an increasingly severe situation due to COVID-19 and will likely remain the case for the time being. CPI is also expected to remain weak as a result of the pandemic and the decline in crude oil prices.

Currently, USD/JPY is testing the resistance level of 107.800 and the next support level is at 106.200.
Look for buying opportunities of USD/JPY if it breaks the resistance level of 107.800.


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