USDJPY Gains Momentum Looking for A break Above 108
USDJPY is adding 0.18 percent today at 107.99 ahead of Non-Farm Payrolls. the Foreign Reserves rose from previous $1308B to $1322.3B in June. The Overall Household Spending, year over year, came in at 4% beating forecasts of 1.6% in May. The Japan Leading Economic Index came in at 95.2 below expectations of 95.7 for May.
USDJPY dropped from 108.30 to 107.66 and return after two days inside downtrend channel which drives the pair lower. Today will make an attempt to break above the downtrend and above 108. Immediate support for the pair stands at 107.77 today low while extra support will be met at 107 round figure. On the upside first resistance stands at 108.06 the high during Asian session while a break above can drive prices up to 108.96 the high from May 31st. The Bearish momentum for USD against Yen is still intact and any strong upticks for the pair should considered as selling opportunity.Don’t miss a beat! Follow us on Twitter.