FXstreet.com (Barcelona) - The Dollar continues losing ground against the Yen, and according to the ActionForex.com Technical Team, the cross approaches important support level: USD/JPY dives further to as low as 105.62 today and is now pressing key near term cluster support of 105.56/58 (50% retracement of 102.58 to 108.58 at 105.58 and 23.6% retracement of 95.77 to 108.58 at 105.56). The ActionForex.com Technical Team affirms the bias is on the downside: At this point, intraday bias remains on the downside as long as 106.47 minor resistance holds. As discussed before, firm break of this cluster support will add more credence to this case and bring deeper decline to 104.43 support first. On the upside, above 106.47 will turn intraday outlook neutral first.
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