The pair is trading within 109.25/80 range on Thursday, following spike to fresh nearly two-month low at 108.80 and subsequent quick bounce after FOMC on Wednesday.
The dollar remains under pressure against yen, with today’s action being capped by daily Tenkan-sen in steep descend which continues to weigh heavily after capping recovery attempts in recent sessions.
Technical studies on daily chart remain in firm bearish setup (20/200SMA Death Cross is forming today) and favor fresh downside attempts as the pair cracked strong support at 109.11 on Wednesday, but close below the latter is needed to confirm bearish resumption.
Strong barriers at 109.80 (Tenkan-sen) and 109.94 (falling 10 SMA) are expected to ideally cap, with extended upticks to hold below 110.30/40 zone (highs of 14/12 June).
Res: 109.80, 109.94, 110.34, 110.43
Sup: 109.25, 108.80, 108.37, 108.11
