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Short

USD/JPY recovery stalls at 104.82, good to sell rallies

FX:USDJPY   U.S. Dollar / Japanese Yen
254 0 7
A major turnaround in the risk sentiment seen overnight after the Brexit campaign was suspended after a British member of parliament was shot dead on Thursday.

The incident causing deep shock across Britain and the suspension of campaigning for next week's referendum, its total impact on the referendum is still unclear.

USD/JPY             edged higher from multi-year lows of 103.54 to hit highs of 104.82 on the day.

But recovery stalls at 104.82, the pair slipping as we write, trades closer to the 104 handle.

Traders largely ignore the latest mixed US data release as the broader market sentiment continues to drive the yen markets.

Due later in the NY session are a set of US housing data which will be watched for fresh incentives as dust settles over the Fed and BOJ aftermath.

Run-up to the brexit referendum to keep demand for the safe-haven Yen. Upticks could be used for buying opportunities.

On hourly charts, we see the pair has bounced off upper Bollinger band , Stochs have rolled over from oversold and RSI is biased lower.

The pair finds minor trendline support at 140.16 levels and resistance is seen at 104.50 (1H 5-SMA).

Good to sell rallies around 104.30/40, Sl: 104.85, TP: 104/103.75/103.55
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