USD/JPY Is Still Sold As Political Tension Persists, Eyes on U.S Data

Published on Thursday, 10 August 2017 09:45 ,by  FxGrow Investment Research Desk



Japanese Yen is still bough and favored as safe haven substitute, pushing USD/JPY downward to seven weeks fresh lows yesterday at 109.55. Today, USD/JPY was still sold on Asian and European trading sessions with 109.83, and in case North Korean / USA political tension still overwhelms, expectations that the pair will record a new low.

Technically, the pair is traded far from 10-EMA at 110.49 with daily RSI standing at 35 level. 

Fundamentally, Yen received positive to neutral data earlier, but Producer Price Index with 2.6% with forecasts at 2.4% gave Yen more solid ground facing recovering U.S Dollar with 93.76 weekly high. On the other hand, market looks boring so fat today with low price action, but expectations for more suspense as NY session opens in after noon, shortly followed by U.S PPI and Unemployment Claims which should shake the market a bit more.

Technical Overview:

Closing Price USD/JPY : 110.05

Target: None

Resistance levels : 110.09 , 110.34 , 110.83

Support: 109.85, 109.57 , 109.17

Range Reversal : 111.20





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