USDJPY: Bearish Despite Recovery Attempts!
Outlook in USDJPY remains on the downside as long as 109.05 resistance holds on a daily closing basis, support comes at the 108.12/107.75 levels. A halt is likely and a reversal may occur, however; a cut through that level would open 106.85, further down, support stands at the 106.00 levels.
On the upside, immediate resistance comes at the 109.05 levels, above that level sees recovery threats to the 109.78 levels before the next falling, above 109.78 will extend recovery to the 110.93 levels.
Conclusion: The USDJPY continues to face downside threats below the 109.05/109.78 levels even in the case of a corrective recovery…