Technical Analysis

USD/JPY recovers some floor, strikes in the direction of 108 deal with

Can USD/JPY break the glass ceiling?

Value is hovering between the 107.70-80 ranges at present with the sooner retracement excessive being at 107.87. The important thing stage within the near-term right here is the glass ceiling at 108.00. If value shoots above that, it builds a robust conviction for a restoration again in the direction of the 109.00 deal with.

US fairness futures are nonetheless buying and selling tepidly with E-minis down by 1.three%. Nasdaq futures are down by 2.5% nonetheless on the day at present. However to date, that is not stopping USD/JPY from trying a transfer larger on the day.

Proper now, the 76.four retracement stage comes into play as soon as once more and the 108.00 deal with is essential in that regard. There’s some point out of the sooner strikes being overdone/exacerbated by skinny liquidity and worries about potential BOJ intervention so let’s examine how a lot merchants can issue that in additional into the worth right here.

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