USDJPY CURRENTLY HOLDING KEY SUPPORT

The U.S dollar remains under pressure against the Japanese yen, with price-action still holding the key 106.60 support region, as global stock and commodity markets trade lower across the board. The Japanese yen currency has been a major beneficiary of the recent move to safe-haven asset classes, despite the broader U.S dollar index today moving to a six-week trading high. Moving into Thursday’s U.S trading session, USDJPY traders will likely look to U.S stock markets and the ISM Manufacturing report for the month of February.

• The USDJPY pair is likely to fall sharply below the 106.60 level, key technical support is found at the 106.18 and 105.50 levels.

• Should price-action on the USDJPY pair hold above the 106.60 level, traders may test the 107.00 and 107.30 resistance levels.