There was little follow through after the sharp fall on NFP report earlier in the month but USD/JPY did make a new low and has continued to look heavy amid recent flight to safety. Having said that, lower tails on daily candles suggest a decent buying interest.

With the FOMC meeting scheduled for today's evening and the BOJ's for tomorrow morning, the pair will likely remain range-bound today. Area between 105 and 106 (includes June and May lows and 200 WMA) shall protect the downside while 107 - 108 shall take care of the upticks.

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