USD/JPY (current price: 104.72)
The Japanese Yen traded in a narrow range compared to its most important peer on Wednesday, as investors took a step back before today’s presumably volatile environment. The pair is still very close to its recent lows near 103.80, as the improving sentiment hasn’t been enough to reverse the strong bearish momentum. Odds still favor another move to the downside n the coming weeks, but a favorable outcome on today’s vote could spark a rally towards the 105.50 resistance.
Our assessment: USD/JPY is stuck between the 103.80 and 105.50 levels, with the strong long-term support/resistance level near 100.80 providing a possible mid-term target after today’s session.
