BUZ INVESTORS The USDJPY decreased 0.2500 or 0.23% to 110.0800 on Tuesday June 13 from 110.3300 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.
Although the greenback jumped to as high as 110.81, lack of follow through buying on break of previous resistance at 110.73 and the subsequent retreat suggest consolidation below 110.81 would be seen and pullback to 109.75 cannot be ruled out, however, break of this support is needed to signal top is formed, bring further fall towards 109.38 but only break there would indicate the rebound from 109.11 has ended at 110.81, bring retest of this level later.
On the upside, above 110.50-60 would bring test of 110.81 but break there is needed to signal the erratic rise from 109.11 low is still in progress for further gain to 111.00 and possibly 111.20-30 but price should falter well below resistance at 111.71, bring retreat later. As near term outlook is mixed, would be prudent to stand aside in the meantime.
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