USD JPY declined from weekly high

USD JPY declined from weekly high

10/10/2016 12:38:22 PM

The USD/JPY pair backed from weekly bullish opening gap and has now fell back to 103.00 handle, removing all of its tepid recovery gains.

With markets already digesting Friday's disappointing headline NFP print, the pair saw a directionless trading action and would now take cues from the common risk sentiment, among thin liquidity conditions on the back of bank holiday in the US in observance of Columbus Day.

On a persistent decline below 102.85-80 support, the pair looks to immediately drift to 102.50 support below which the downslide could get expanded towards 50-day SMA resistance break-point turned important support near 101.70 region.

On the upside, persistent move above 103.00 handle, and a succeeding strength above session high persistence near 103.20-25 area, is probable to improve the pair immediately towards 100-day SMA persistence near 103.60 region before the pair makes a fresh effort towards regaining 104.00 handle.
Fundamental Analysis

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