USD JPY Continue weakening
8/9/2017 8:06:48 PM
The USD/JPY pair fell to eight week lows, although has succeeded to recover around 30 pips from lows to currently trade around the key 110.05 psychological mark.
Constant refusal near 111.11 levels this month, followed by a break below the support at 109.87, specifies the sell-off from the high of 114.51 has restarted. The spot could test support at 109.47 levels. An end of the day close below 109.47 would add credibility to the rejection at the monthly 55-EMA and open doors for a bigger sell-off to 108.07 levels. On the higher side, only a break above 111.11 would signal bearish invalidation.
FOREX market analysis by FxErvin.