The USDJPY pair recovered a part of early steep decline and has managed to rebound. Analysts OctaFX provides a sneak peek on what you could expect next, with today’s 24 May USDJPY Technical Analysis.
24 May, OctaFX – The US dollar remains under selling pressure against the Japanese yen on Thursday, with traders using a short-lived move above the 110.00 level as an opportunity to sell the USDJPY pair.
The US dollar index has also started to decline, adding further downside pressure to the pair, which earlier moved to a fresh weekly trading-low, hitting 109.31. Selling pressure is likely to remain on the USDJPY pair while price trades below the key 110.03 level.
USD/US bond yields stall dovish FOMC minutes-led downslide
In absence of any major market moving economic releases, the pair remains at the mercy of broader market risk sentiment and the USD/US bond yield dynamics ahead of Friday’s US monthly durable goods orders data and the Fed Chair Jerome Powell’s scheduled speech.
24 May USDJPY Technical Analysis
- The USDJPY pair is strongly bearish while trading below the 110.03 level, key support is currently located at the 109.31 and 109.00 levels.
- If the USDJPY pair trades back above the 110.03 level, key resistance is now found at the 110.33 and 111.00 levels.
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