Brexit knocked down the USD/JPY
pair. Initially, during the early trading hours, when the market participants still
digested the UK electoral vote, the pair soared to ¥106.81.
But shortly afterwards the pair collapsed to ¥98.77, which is its lowest level since November 2013. For the
past week the pair notably dropped with around 25% and moved below ¥100 mark.
Until the price is staying within the bearish channel (drawn from the August high to the November high) is hard to say whether bulls will appear soon.
Short-term resistance is seen at ¥106.47, which coincides with the May opening range bottom. The Friday’s low, marked at ¥98.77 should be considered as support. Next support level is located at ¥94.75, the 61,8 % Fibo.
Until the price is staying within the bearish channel (drawn from the August high to the November high) is hard to say whether bulls will appear soon.
Short-term resistance is seen at ¥106.47, which coincides with the May opening range bottom. The Friday’s low, marked at ¥98.77 should be considered as support. Next support level is located at ¥94.75, the 61,8 % Fibo.
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