USD JPY trading flat
10/24/2016 10:04:40 AM
The USD/JPY pair kept on with its struggle to move back above 104.00 handle and has now erased early tepid gains to currently trade completely flat around 103.85 region.
In spite of of broad based dollar strength, with the general USD Index now going to the highest level in more than 8 months, the pair has failed to appeal any fresh buying interest among prevalent cautious sentiment around Asian equity markets, which is underpinning the JPY’s safe-haven demand.
A follow through selling pressure below 103.70 immediate support is expected to drag the pair immediately towards 103.55 intermediate support before the pair finally fells towards retesting 100-day SMA support near 103.00 round figure mark.
On the upside, constant bullish momentum above 104.00 handle, causing a succeeding break above 104.20, is likely to boost the pair immediately towards 104.50-60 strong persistence area.