The
USD/JPY pair has shifted to consolidation mode and is currently stuck between 109.30
and 108.30. In the early Asian session, the pair turned to downside and declined to 108.63, which was
about to reinforce the bearish tune. A possible break of 108.30 will drag the
pair towards Monday’s low and will lead to retesting of the 108.00 level. If case
the slide continues, next target is seen at 107.70. Bulls might come back along only with a recovery above 109.30 in order to gain support for further upward extension
towards 109.70. Currently the trend favours the yen and only a break above
110.10 might shift the bias.
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