Japanese Yen Regains Momentum Against USD, But Range Holds

The Japanese Yen remains confined to a well-established trading range against the US Dollar but seems to be gaining the upper hand within it. That range comes in between the 38.2% and 50% Fibonacci retracements of the March rise (107.69 and 105.35, respectively. It’s been an important source of support for the pair since March 27 and USD/JPY hasn’t traded below it since March 13. That said the downtrend broken in the last week seems to have re-established itself and that may keep near-term focus on the lower boundary of the range. A break of that on a daily or weekly closing basis might well be bearish for the. Read more

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