FURTHER USDJPY LOSSES EXPECTED BELOW 106.60
The U.S dollar remains under heavy selling pressure against the Japanese yen on Monday, as the U.S dollar index again failed to find buying interest above the key 90.00 technical level. The USDJPY pair currently trades around the 106.60 support level, with bearish selling momentum set to increase below this key area. Moving into today’s U.S trading session, financial markets are likely to focus on the release of monthly U.S New Sales data and a key speech from Fed member Bullard.
The USDJPY pair remains strongly bearish while trading below the 106.60 level, further losses towards the 106.18 and 105.90 levels appear likely.
Should price-action on the USDJPY pair move above the key 106.60 level for a sustained period, buyers may test towards 107.00 and 107.30 resistance areas.