USD/JPY on the rebound, but the 110.50 level remains elusive

Dollar finding some bids in the early Wednesday session.
The upcoming US session will be thin for the US holiday.

Joshua Gibson FXStreet

The USD/JPY is bouncing at the tail end of Wednesday's Asian session, and the US Dollar is rebounding into 110.45 after dipping to a low of 110.27.

The US Dollar backslid against the Yen this week after broader markets briefly sold off the USD, but traders continue to pick the US Dollar back up and the USD/JPY is back on the rise after marking in a new low for the week in early Wednesday trading.

Wednesday's upcoming US session will see constrained volumes with the US markets dark for the July 4th holiday, but this Friday will see another installment of the Non-Farm Payrolls, and traders will be looking towards the key report to see if the US economy is able to maintain its current run of economic growth.

USD/JPY levels to watch

Bearish opportunities abound for the Dollar-Yen pairing, and as FXStreet's own Omkar Godbole noted, "a close today below 110.50 (previous day's low) would validate the bearish outside-day candle and fake breakout and would shift risk in favor of a break below the trendline sloping upwards from the March 26 low and May 29 low. A daily close below the three-month rising trendline would mean the rally from the March 26 low of 104.63 has ended and would put the focus back on the big bearish outside-week candle of May, allowing a deeper drop to 108.82 (38.2% Fib R of 104.63-111.40)."

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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