USDJPY BEARS IN CONTROL BELOW 106.84 LEVEL
The U.S dollar has fallen to its lowest trading level against the Japanese yen since November 2016, following much better than expected monthly U.S CPI inflation figures. The USDJPY currently trades around the 106.50 level, after the pair found support during the European trading session around the 106.17 technical level. Moving into today’s U.S session, traders will be focused on the release of January PPI Inflation and Industrial Production numbers from the American economy.
The USDJPY pair is heavily intraday bearish while price-action trades below the 106.84 level, key intraday support is now found at the 106.17 and 105.50 levels.
Should the USDJPY pair start to trade above the key 106.84 level, buyers may push price-action back towards 107.29 and 107.91 levels.