USDJPY cracks below the 105.98 May low
The USDJPY has cracked below the May/June lows at 105.98 and 106.06 respectively. The pair has run to the lowest level since March 16, 2020. The low price has reached 105.755.
With the break below the floor. That level now becomes the ceiling and risk level for shorts. Stay below keeps the bears firmly in control. On the downside the broken 38.2% retracement of the 2020 trading range comes in at 105.39. That would be the next major targets on the daily chart.
This article was originally published by Forexlive.com. Read the original article here.