109.40 the level to watch for further USD/JPY weakness
Via a bank analyst note (the bank much remain unnamed) on the yen.
- weakness in the yen is nearing an end
- US stock recovery is fueling risk-on sentiment
- USD strength against other currencies such as the euro is weakening
- USD/JPY short-term upside risks will remain until it falls under around 109.40
- yen crosses are still rising but momentum is weakening
Chart below is mine, with 109.40 (ish) highlighted ... I am not convinced it's that much of a critical support though (resistance becomes support notwithstanding). Comments welcome