USD Trying to protect its place versus JPY
5/23/2017 7:51:29 PM
According Forex market activities, the USD/JPY pair were under slight selling pressure and hit three day weak level of 110.88, before rebounding lows to currently trade around the 111.05 area.
The explosion in Manchester improved the JPY’s safe-haven appeal and caused the initial leg of downslide. This joined with constant dollar selling pressure, with the key USD Index falling more below the 97.15 handle, more cooperated to the reduction.”
Decline below 110.87 instant support put the pair at risk near 110.27 level before moving over the key 110.05 psychological mark. On the upside, any recovery efforts beyond 111.33 area now appears to provoke strong hurdle near 111.67 area, above which a bout of short-covering could boost the pair towards the 112.05 handle, on the way 112.43 strong horizontal persistence.
FOREX market analysis by FxErvin.