USD/JPY back below 110 on the Daily Chart

jpyUSD/JPY (current price: 109.15)

The Japanese Yen jumped on Wednesday as traders bought safe haven assets following the bearish Brexit polls. The pair still trades in a widening consolidation pattern but the short-term momentum seems to have turned negative. Investors should experience heightened volatility today around the ECB announcements as Mr. Draghi’s next step could influence the BOJ’s policy decisions as well. Support is currently at 108.50 with strong resistance around 111.5.

Our assessment: USD/JPY is still in a declining long-term trend, with the 200-day MA well above the current rate at around 116, and multiple strong resistance zones below that level as well.

2jun3

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