The Japanese yen finds support as June’s unemployment rate fell below 3%.
A bearish MA cross on the daily chart is likely to cloud buyers’ moods. The pair has met stiff selling pressure near 110.60.
The FOMC whipsaw was a sign that sellers still retain control since the downturn started earlier this month. 109.40 is key support and its breach would invalidate last week’s rebound. Sellers would then be eager to push below 109.00.
On the upside, a bounce will need to clear 110.20 to make the mood turn around.
