The USDJPY is in the process of retesting channel resistance that extends from the current 2017 high.
Buyers previously closed the pair above this level on May 8th, but last week’s 230 pip single session drop forfeited the new support level.
But by the end of Tuesday’s session, the pair had climbed back above the 111.70 handle. This is the location of two swing lows from February and also served as resistance late last week.
Today’s retest is an important one for risk assets as the USDJPY tends to signal shifts in risk sentiment more than any other yen pair.
A daily close back above 112.10 would signal the next leg up for the pair as well as other crosses such as the AUDJPY and NZDJPY.
Daily Price Action
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