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USDJPY Attracts the Bears Below 106.94


USDJPY trades 0.05% lower at 106.84 as the correction from 2-month highs at 108.46 continues amid weak macro data from US. Investors turn their attention on safe-haven assets as worries of a global slowdown grow. Yen is the winner in the last trading sessions. The Japan August leading index came in at 91.7 in line with expectations, while the  Japan Coincident Index came in at 99.3 below expectations of 101.1 in August.

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USDJPY Support and Resistance

On the technical analysis side, USDJPY resumed the downtrend after the pair failed to hold above the 100-day moving average and the correction find the price breaching the 50-day moving average while a rebound earlier today stalled at 106.94. The 50-day MA resistance looks strong for now and caps any attempt higher. On the upside first resistance stands at 106.94 the daily high, a convincing break above will attract more bids that can drive the prices up to 107.66 the 100-day moving average. On the downside, immediate support for USDJPY stands at 106.64 today’s low while extra bids will emerge at 106.47 the low from October 3rd. USDJPY technical picture is bearish now as the pair trades below the 50 and 100-day moving average.

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