USD/JPY
The Japanese yen again finds itself in a situation of double multidirectional pressure from external markets: on the one hand, stock indices are declining (the S&P 500 dropped 2.48% in 3 days), on the other hand, the US dollar index shows technical signs of a reversal towards strengthening.
At the moment, the yen is following the dollar, as in the previous days, but if the stock market continues to decline with commodities, then the USD/JPY pair is likely to fall.
So, if the price surpasses the target level of 109.37, then the price will be able to rise to the second target level of 109.97, then the target range is 110.46/58.
A price decline below yesterday's low of 108.85 will set another momentum to decline to 108.35. Further, the goal is 107.30.
