USD/YEN Update – 14/08/2017 (11:45am) – by Arjun Lakhanpal

USD/YEN Update – 14/08/2017 (11:45am): USDJPY saw weakness extend further on Friday, prodding briefly below support from the June low at 108.83, only to be met by fresh buying. Overnight is seeing this bounce continue, however, we see strength as corrective and look for a move back to support at 109.34 initially, then 108.92, ahead of the recent low at 108.74/69. A break below here can test the April low at 108.13, where we expect to see a temporary hold. Beneath should confirm the start of a more significant bear trend for 107.50 initially, then the 61.8% retracement of the June/December 2016 rally at 106.52. Resistance is seen at 109.70/75 initially, which we look to try to cap. Above can target 110.18/25, then 110.57/67.