USD/JPY bulls take another beating
|Yesterday's low (2) came in at 10477.3 for the USD/JPY placing it squarely inside the historic support zone (1), a slight recovery into the close printed 10496.4 a few pips shy of the 10500 handle. During this morning's European session, we're not seeing much of a rebound off these lows, currently holding just above the 10500 level at the time of writing. The longer-term picture doesn't look promising either with lower swing highs closing into support, suggesting any rally off these current levels will most likely run out of steam.
This currency pair could experience heavy selling pressure if we convincingly break below support (1) which could see prices fall to 10360/90s with 10120/45 in extension (short-medium term).
If support holds, the bulls will need to get well inside the 106 region, in order to give themselves a fighting chance.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.