99.71 101.20 102.36 103.73 104.99 106.38
•USD/JPY was choppy in the Asian session and has posted slight losses in European trade
•102.36 is providing strong support
•103.73 was tested in resistance earlier in the Tuesday session
•Current range: 102.36 to 103.73
Further levels in both directions:
•Below: 102.36, 101.20, 99.71 and 98.95
• Above: 103.73, 104.99 and 106.3
USD/JPY ratio is unchanged on Tuesday. Currently, long positions have a majority (59%), indicative of trader bias towards USD/JPY reversing directions and moving to higher ground.
USD/JPY is showing little movement on Tuesday, as USD/JPY is trading at 103.30. On the release front, today’s key event is US ISM Non-Manufacturing PMI. The indicator is expected to remain steady, with an estimate of 55.4 points. There are no Japanese releases on Tuesday. Japan will release Final GDP on Wednesday. The economy is expected to show no growth in the second quarter, with an estimate of 0.0%.