USD/YEN Update – 11/08/2017 (11:20am) – by Arjun Lakhanpal

August 11, 2017 by

USD/YEN Update – 11/08/2017 (11:20am): The heavy tone amid the risk-off trade has led to a break of key initial support in 110.15/00 area while suggesting additional downside is due. In turn, we see a higher risk of a closer test of the range lows in the 108.83/13 zone, which will define whether a medium term bearish shift is developing. Near-term resistance enters at last week’s 110.99 high, but a break above the key 112.20/55 resistance zone (prior week’s high) is necessary to argue for another short-term turn within the broad range.