Demand for the Yen remains high amid difficulties and risks the global economy is facing. The American Dollar does not manage to show a strong growth being under pressure from mixed macroeconomic data, released in the US. As a result, the USD/JPY pair reached the key of 103.50.
Today market participants are following Fed Chair Janet Yellen’s Congressional Testimony, and later this week, attention needs to be paid to US labour market statistics and data on the Durable Goods Orders.
Support and resistance
Despite of an upward correction today, the price is likely to remain within a and head towards the key support at 101.00, which is the lowest level since 2013. It also should be noted that the price might start moving sideways within the range of 101.00-107.50.
According to technical indicators, the pair tends to continue its downward movement. histogram is in the negative zone, and its volumes are growing. is directed up. The price remains above Tenkan-sen and Kijun-sen lines of .
Support levels: 104.15, 103.50, 102.65, 102.05, 101.00, 100.30, 100.00, 99.70.
Resistance levels: 105.05, 105.90, 107.00, 107.50, 108.75, 109.30.
It is recommended to build up on your short position from the levels of 105.05, 107.00 with the target at 101.00 and stop-loss at 107.90.