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.