USDJPY: Bearish With Risk To 108.62 Levels…
As long as 109.25/108.95 resistance holds on a daily closing basis. The USDJPY remains on the downside to 108.62 levels. A halt is likely, it may bottom around here. However; below 108.62 aims the 108.25 level, further down, support comes in the 107.95 level.
On the upside, resistance comes at 108.95/109.25 levels ahead of 109.85 levels. Above that level sees recovery threats to 110.30 level. Sustained trading above 110.30 will reverse risk to the upside to 110.75/111.50 levels…
In conclusion: The USDJPY sees downside threats below 109.85 level.
Support: 108.62, 108.25, 107.95, 107.60, 107.20
Resistance: 108.95, 109.25, 109.55, 109.85, 110.30
Key data/events which may affect USDJPY today:
- The U.S will report on Core Durable Goods Orders (MoM) (Dec) at 13:30 GMT. The forecast is to rise by 0.2%, from -0.1% a month earlier.
- The U.S will also report on CB Consumer Confidence (Jan) at 15:00 GMT. The forecast is to inch up 128.0, from 126.5 in the previous month.