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Technicals

USD/JPY - 106.68 Daily Market Outlook - Jul 3

03 Jul, 2008 @ 08:29 pm EST
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Yesterday's breach of 106.78 in line with dollar's rebound across the board indicates this week's upmove from 104.99 to retrace recent decline remains in progress and above 106.93 would extend further gain towards resistance at 107.22, however, anticipated overbought condition has increased risk of a retreat later.  

  

On the downside, below support at 105.91 would signal temporary top has been formed and yield weakness to 105.40/50.

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