USD/JPY – Risk of a snap back

FX_IDC:USDJPY   U.S. Dollar / Japanese Yen
  • Despite dollar’s retreat in Asia, the pair has not been able to drop/sustain below 100.71 (50% of 2011 low – 2015 high). This adds credence to the pair’s rebound from the trend line (red) support on Wednesday and opens doors for a move higher to 101.40 today.
  • A break above the Asian session high of 101.40 could yield a rise to 101.78 (5-DMA).
  • On the lower side, only a day end close below 100.19 would signal the retreat from post Brexit high of 103.40 has resumed.
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