USD Remained on weak session versus JPY
8/17/2017 3:30:22 PM
According to Forex market, the USD/JPY pair expanded preceding session's harsh retracement from the locality of 111.03 level and stayed under various selling pressure for the second successive day on Thursday.
A break above the Asian session high of 110.24 would add credibility to the bull trap argument made by the strong yield spread and the risk reversal and shall open doors for the inverse head and shoulders neckline hurdle of 110.96. An end of the day close above 110.97 would mean the sell-off from the high of 114.51 has ended at 108.77.
The spot might continue to test purchases around 103.13. On the weakness, a daily close below 109.52 would recover the bearish view.
FOREX market analysis by FxErvin.