The U.S dollar continues to slide sharply lower against the Japanese Yen, with the USDJPY pair so far finding intraday support from the 107.40 level, trading at its lowest level since November 15th, 2016.
Broad-based weakness in the U.S index is accelerating, after yesterday’s weaker than expected U.S initial jobs claims, which increase by 62,000, marking the highest level for initial claims since April 18, 2015.
Weakness in the U.S economy is starting to accelerating the decline seen in the USDJPY pair. Traders should pay close attention to the damage caused by hurricane IRMA over the weekend, further limiting the U.S economies domestic data.
Key intraday technical support is found at 107.30 and the November 14th, 2016 price low, at 106.86. Below 106.86 level, the 106.60 level represents the key 38.2 Fibonacci retracement level.
Any intraday upside price movements for the USDJPY pair, should find resistance at 107.70, 108.13 and the former weekly price low, at 108.26.
