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U.S. Dollar / Japanese Yen

USDJPY to reach 108

By FxKool
The pair dropped significantly after the BOJ announcement but recovered strongly soon aftertwards. Strong support is now at 105.560 and the jpy is heading up to 108. This is gonna be a interesting area as large selling volumes were spotted in there in April. USDJPY is being traded within the downard channel and there's no bullish sentiment until the 111.3+ is broken. I assume at 108 we could see a nice move down to 107.32. As alternative scenario the breakout to the upside is possible too.

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