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USD/JPY breaking down into the 106 handle

FXStreet (Guatemala) - USD/JPY is trading at 106.97, down -0.20% on the day, having posted a daily high at 107.23 and low at 106.93.

USD/JPY has smashed through the 107.20 support to test the bulls nerves on a broad based dollar rally which may be a sign that markets are looking to take profits ahead of this weeks showdown and potential volatility around the FOMC. Investors are anticipating a potential change of language from the Fed which may prove to shake things up and in a continuation of the recent volatility that is appearing back into global markets. Currently though, USD/JPY spot is still in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish. RSI is in neutral territory at 32.09, down from it’s last hourly close at 44.41, while ADX is ranging above 30 at 27.51, up from 18.77 at the last hourly close

USD/JPY near term levels

Spot is presently trading at 106.97 and next support levels are 106.80, 106.50 and 106.10 while resistance levels are 107.40, 107.90 and 108.20.

Kiwi benefits from USD profit taking

Profit taking ahead of the FOMC is leading to a broad-based USD retreat in Asia, with the Kiwi particularly benefiting from these dynamics, currently flirting with the 0.82 round number after a 0.8120 low on Monday.
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