19, May 2017

USDJPY

Current situation

The US dollar bears met a barrier at 110.50 in the night. The price bounced from the mark and reversed some of its fresh losses. However, the upward momentum was short-lived and stalled at 111.39. Sellers regained control in the morning and sent the market back to fresh lows. The spot erased all its gains by noon and extended its decline further down. The resistance lies at 111.00, the support comes in at 110.00.

Trading recommendations

A close below the support at 111.00 may send USD/JPY down to 110.00, en route to 109.50.