USD/YEN Update – 06/09/2017 (10:30am) – by Arjun Lakhanpal

USD/YEN Update – 06/09/2017 (10:30am): Yesterday’s heavy price action amid the bearish turn in risk sentiment has shifted the focus back to critical support levels at the range lows. Failures to hold the critical 108.13 support lows would imply a deeper corrective phase into the 107.50 area, if not the 105.50-55 zone (November breakout levels). Again, a push above the important 110.65/111.05 resistance area which includes the 38.2% retracement and early-August high would imply a growing risk of a deeper recovery phase.