USD/JPY Strengthens Slightly After Significant Fall
LiteForex Europe | Jun 08, 2016 01:24AM ET
The pair slightly strengthened after a significant fall last Friday amid the publication of weak data on the US labour market. At the same time, today the yen was supported by strong statistics from Japan where the Leading Economic Index grew from 99.1 to 100.5 points, while the Coincident Index increased from 110.2 to 112.5 points.
Today attention needs to be paid to the Unit Labor Cost and Nonfarm Productivity in the US. Data above forecasts might support the dollar.
On the 4-hour chart, the pair is trading in the lower Bollinger band®. MACD histogram is in the negative zone and its volumes are gradually falling. Stochastic turned down near the border of the overbought zone.
Support levels: 107.30, 107.00, 106.50, 105.75, 105.35.
Resistance levels: 107.90, 108.10, 108.50, 108.90, 109.35, 109.60, 110.00, 110.30, 110.75, 111.00, 111.25, 111.60, 112.00.
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