USD JPY Trying to recover above the handle
8/29/2017 7:26:58 PM
During Forex market, USD/JPY pair falling hard to hit a four-month low level of 108.36. The pair, though, has managed to recoil lows and might now be looking to recover back above the 109.03 handle.
Recovery move above the 109.03 handle is probable to oppose some fresh supply near 109.33 level, above which a bout of short-covering could boost the pair back towards 109.87 heavy supply zone. On the weakness, the pair remains at risk to fall towards yearly lows support near the 108.17-05 area, which if broken should pave way for extension of the near-term bearish trajectory towards testing sub-107.10 level in the near-term.