BUZ INVESTORS USDJPY decreased 0.6400 Technically, we see some support in the 108.5 region as the 100 daily SMA comes in that region and that is usually used as a support by the large traders from where we can see some strong buying. This is the region that has been holding up the price over the last couple of days and we believe that this would be the case today as well, as the volatility and liquidity would be low due to the holiday ahead.
If and when the buyers begin to step in and start buying the USDJPY pair, we can expect the pair to break through 109 and do a revisit of the broken support turned resistance at 110. We expect a lot of selling in the 110 region and so there is likely to be consolidation between the 108.5 and 110 region in the short term.
The USDJPY decreased 0.6400 or 0.59% to 108.4400 on Friday April 14 from 109.0800 in the previous trading session. Historically, the Japanese Yen reached an all time high of 306.84 in December of 1975 and a record low of 75.74 in October of 2011.
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