USD/JPY: holding near its lows, bearish
USD/JPY Current price: 111.82
The Japanese yen is stronger against the greenback at the beginning of the week, with the USD/JPY pair trading sub-112.00. In fact a fresh 3-week low has been achieved early Europe, with the pair down to 111.64 before bouncing modestly to the current 111.80 region. Volatility is limited, as the absence of big macroeconomic releases keeps traders in wait-and-see mode, ahead of clearer clues over the world situation. Helping the yen is broad-based risk aversion, amid political jitters in the EU, including Brexit negotiations. From a technical point of view, the 4 hours chart shows that the price remains near its daily low, trading within the 100 and 200 SMAs, and with technical indicators heading nowhere but within negative territory, keeping the risk towards the downside for the upcoming sessions. The 111.60 level is quite a strong static support, with a break below it needed to confirm a steeper slide ahead, firstly towards 111.20, another relevant static support area.
Support levels: 111.60 111.20 110.75
Resistance levels: 112.00 112.30 112.65
Author
Valeria Bednarik
FXStreet
Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.
