USDJPY: Bears in Control Below 106
USDJPY trades 0.26% lower at 105.73 as investors turn their attention to safe heaven assets such as Yen which also gets a hand from better macro data as the Japan Gross Domestic Product (QoQ) came in at 0.4% topping expectations of 0.1% in 2Q the annualized figure came in at 1.8% above forecasts of 0.4% in 2Q
Immediate support for the pair stands at 105.64 today’s low while extra bids will emerge at yesterdays low at 105.49 the low from August 7th. On the upside first resistance stands at 106.07 the daily high and then at 107.01 the 200 hour moving average. Bears are in control below the 106 mark and a move to lower levels is the most possible scenario for now. Every attempt higher is a selling opportunity as the RSI index in the daily chart trades at 31 leaving room for further downside.