Monday opening trade took the USD/JPY pair higher and extending its up-move to 104.85 as receding support for ‘Brexit’ boosted risk appetite, hurting the perceived safe-haven demand for the Japanese Yen.
Despite of the global risk-on rally, the pair remained close to Friday's trading range and hasn't been able to build on to its early gains. Currently trading slight off-day's peak at 104.65, the pair remains capped on broad-based US Dollar selling pressure.
Going forward, in absence of any major market-moving, economic releases risk appetite surrounding riskier asset classes, like equities, and developments around the upcoming Brexit referendum would continue to drive the pair on Monday.
Technical levels to watch
From current levels, the pair needs to build on to its momentum above 104.80-85 resistance, above which it seems all set to extend its upward trajectory beyond 105.00 psychological mark towards testing its next major resistance near 105.50 region. Conversely, weakness below 104.50, leading to a break below 104.00 handle, might attract fresh offers, dragging the pair further below Thursday's multi-month lows support near 103.55 towards testing 103.00 round figure mark.
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.