USD/YEN Update – 07/06/2017 (10:56am) – by Arjun Lakhanpal

June 7, 2017 by

USD/YEN Update – 07/06/2017 (10:56am): USDJPY remains weak. Yesterday’s sharp decline maintains the bearish risks and potential for a deeper decline given the break of key initial support in the 110.00/109.50 zone. Again, this area included the 76.4% retracement and 200-day moving average as the focus shifts back to the 108.13/107.86 area – April low and 78.6% retracement. Note that a break back above the 110.30/35 area suggests that prices are attempting to stabilize.