USD/YEN Update – 29/08/2017 (11:30am) – by Arjun Lakhanpal

USD/YEN Update – 29/08/2017 (11:30am): The near-term two-sided price action continues to develop but the downside risks are intact as the focus turns to important support at the range lows. A sustained break below 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 110.94/111.05 resistance area which includes the 38.2% retracement and early-August high would imply a growing risk of a deeper recovery phase.