HomeContributorsTechnical AnalysisUSDJPY Testing Pivotal 106.00 Level

USDJPY Testing Pivotal 106.00 Level

The U.S dollar has moved back towards the pivotal 106.00 level against the Japanese yen, as global stock markets staged a recovery in late Wednesday trading. The USDJPY has so far found intraday resistance from the 106.22 level, with the pair now slipping back under the 106.00 handle before the European session open. The USDJPY pair may continue to consolidate close to the 106.00 handle, as traders position themselves ahead of tomorrow’s market moving Bank of Japan policy meeting.

The USDJPY pair is likely to see further gains once clearly above the 106.00 level, key intraday resistance is now found at the 106.45 and 106.81 level.

If the USDJPY pair fails around the 106.00 level, a technical correction back towards the 105.50 support level seems likely.

Octa (formerly OctaFX) is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 40 million trading accounts.

Featured Analysis

Learn Forex Trading