- Persistent weakness in the greenback coupled with weaker market sentiment reinforces downside in USD/JPY.
- The pair has breached major trendline support at 108.40 to hit lowest since Nov 2016.
- Technical weakness persists. Scope then for test of 61.8% Fib retrace of 98.787 to 118.662 rally at 106.37.
- The pair is struggling to break below 108 handle, a decisive break through will likely accelerate the fall.
- With no major economic releases, the pair will continue to be influenced by any fresh news coming out of the ongoing N. Korean crisis.
Support levels - 108, 107.77 (Nov 15 2016 low), 107, 106.37 (61.8% Fib retrace of 98.787 to 118.662 rally)
Resistance levels - 108.40 (trendline support turned resistance), 108.72 (50% Fib), 108.85 (5-DMA), 109.46 (20-DMA)
Recommendation: Good to go short on rallies around 108.25/40, SL: 109, TP: 108/ 107.75/ 107/ 106.40
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -125.352 (Bearish), while Hourly JPY Spot Index was at -24.5977 (Neutral) at 0400 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest


FxWirePro- Major Pair levels and bias summary
FxWirePro: USD/ZAR extends losses as dollar drops after delayed U.S. data
FxWirePro- Major Crypto levels and bias summary
NZDJPY: Bearish Bias Persists — Sell Rallies Near 90 Targeting 88
EUR/USD Surges Past 1.1765 on Dismal US Jobs Data: Bullish Momentum Builds with Eyes on 1.1900
FxWirePro: EUR/NZD edges lower but bullish outlook persists
FxWirePro: AUD/USD runs out of steam but maintains bullish outlook
Yen Power Play: AUDJPY Crumbles Below 103.70 Resistance
FxWirePro: NZD/USD sidelined ahead Of key New Zealand GDP and US inflation update
FxWirePro: EUR/AUD uptrend loses steam, remains on bullish path
FxWirePro- Woodies Pivot(Major)
FxWirePro: GBP/AUD maintains bullish bias with focus on 2.0300 level
FxWirePro- Woodies Pivot(Major)
FxWirePro-Major European Indices
EUR/JPY Bearish Outlook Persists: Ifo Weakness Caps Upside, Sell Rallies Targeting 180 Below 183 Resistance
AUDJPY: Bearish Setup Intact — Sell Rallies Near 103.30 Targeting 100 



