The
“safe haven” yen started the week with excellent performance and is extending
gains against the basket of the major currencies. The Japanese currency hit a
3-year high against the euro and the pound, and against the US dollar and rose
to 6-week peak. The tension on markets is growing amid the intensifying fears
on Brexit and the upcoming Fed meeting, which will be held on 14 and 15 June.
USD/JPY is extending the downward movement for the forth consecutive session. Yesterday
the pair formed a bottom at ¥105.73 but closed the day slightly higher at ¥106.19.Today
the pair is trading 0.44% lower at ¥105.76. Technically the outlook remains
bearish in nearest term as long as the pair is below ¥106 mark. The intraday resistance
is located at ¥106.50 and support is seen at ¥105.65.
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