USD/JPY – 106.50 holds on first test by Milan Cutkovic

Dealers report that USD/JPY flows have been light overall, with corporates on the sidelines and price action mostly dictated by leveraged names overnight. Bids around 106.50 have capped the downside so far, but stops through 106.40 look increasingly vulnerable. Should we see a bounce from here, 106.90 and 107.35/40 are the key intraday resistance areas to keep an eye on.

The Nikkei is currently down 1.20 %, while S&P 500 futures lost 0.30 % so far.

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