USDJPY: Bearish Eyes Further Weakness…
The outlook in USDJPY remains on the downside as long as 108.20 resistance holds on a daily closing basis. Support comes at 107.80 levels. A cut through support would open 107.50 next. Further down, support comes at 107.20 levels.
On the upside, resistance comes at 108.20 levels. A daily closing above that level could mean a return to 108.50/108.80 where fall resumption is likely. Anyway; above 108.80 sees recovery threats to 109.48/109.72 levels.
In conclusion: The USDJPY sees downside threats below 108.50/1.108.80 even in the case of a corrective recovery below the mentioned level.
Support: 108.20, 107.80, 107.50, 107.20, 106.80
Resistance: 108.20, 108.50, 108.80, 109.48, 109.72
Note: current market price is 108.05
Key data/events which may affect USDJPY today:
- U.S ISM Manufacturing PMI (Dec) at 15:00 GMT.