The Japanese yen traded flat on Monday after the markets were trading a bit more stable. The USD post modest gains on the day, following a decline to a six-week low previously. This came as risk aversion was seen easing with the U.S. equities posting a slower decline.
Will USD/JPY Hold the Support at 110.84?
Price action closed with a doji on Monday following last Friday’s strong bearish close. This potentially indicates a rebound in the price action to the upside. However, we need to see a bullish follow-through today. A close above the trend line could be positive for the currency pair as the USDJPY will attempt to retest the breached support at 111.40 where resistance could now be established.
