USD/JPY – Decent support expected at 119.20 by Milan Cutkovic

  • Talk of bids from macro funds in the 119.20/25 area, which could provide good support
  • 119.60 support has held so far, but overall bias is bearish and further losses seem likely
  • JPY strengthened against USD after comments from a top government advisor, who warned about excessive JPY weakness
  • Selling rallies the preferred strategy; key intraday levels to the topside: 120.10 and 120.40
  • Focus is now on the US retail sales release today @ 1230 UK time

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