USDJPY Rebounds, But Trades Below 108

USDJPY rebounds for second day adding 0.17% at 107.86 but failed to hold above the 108 level and reaching the low at 107.69. Earlier today the results from National elections in Japan yesterday gave the victory to Shinzo Abe’s coalition as expected, its sixth straight victory, with its party winning over half the 124 seats, but failed to gain the supermajority that will gave him the power to change the country’s constitution.

USDJPY rebounds for second day in a row and cancels the negative momentum that drove the price down below mid 108. Immediate support for the pair stands at 107.69 the daily low while extra support will be met at 107.52 the low from July 3. On the upside first resistance stands at 108.06 the 200 hour moving average while a break above can drive prices up to 108.54 the 50 day moving average. US – China trade war tensions and global growth concerns are supporting Yen which attracts assets as safe heaven. Long positions can be started as soon as the pair breaks above 108.06 with a stop loss order at 107.70.Don’t miss a beat! Follow us on Twitter.