the pair is overall still under pressure with Japanese Yen outperforming against its major counterparts, but recent price action highlights the risk for a larger rebound in the exchange rate as the pair fails to test the 2018-low (108.28).Fresh comments from Fed officials have done little to alter the near-term outlook for USD/JPY
as Dallas Fed President Robert Kaplan wishes to normalize monetary policy
‘in a patient and balanced manner,’ while Atlanta
Fed President Raphael Bostic sees ‘a slow gradual pace of raising interest rates’ as the central bank
looks for signs of stronger inflation
. As technically the pair trading in range bound with the support 109.00 and resistance on 110.10 , that breaking the mentioned support will push the price to resume its bearish
track that its next target located at 107.28, while breaching the resistance represents the key to start recovery attempts that target 111.00 followed by 111.88 levels initially. We can see one more leg down.