The Usdjpy attempted to push lower last week slipped below 108.70 but whipsawed to the upside and closed higher at 110.25. Price has been moving sideways without clear direction between 108.70 – 111.00 range area for 5 weeks as you can see on my daily chart below. The bias is neutral in nearest term. Immediate support is seen around 108.70. A clear break and daily close below that area could trigger further bearish pressure testing 108.00 – 107.50 region or lower. Immediate resistance is seen around 110.50 followed by 111.00. Overall I remain neutral and prefer to stand aside for now.
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