USDJPY – bears pressure key support at 105.54
The pair accelerated further down on Friday, as dollar came under fresh pressure on dears of trade war, with comments from BoJ governor Kuroda, who signaled that the central bank would consider exiting its ultra-easy monetary policy if inflation reaches its target in next two years, further boosting yen.
Fresh weakness extends into third consecutive day and pressures key support at 105.54 (16 Feb low, the lowest since early Nov 2016).
Bears could show hesitation here, as daily techs are oversold and may enter consolidation phase before resuming.
Sustained break below 105.54 pivot could spark stronger bearish acceleration and expose psychological 100.00 support, as no significant obstacles are seen en-route.
The pair is on track for strong bearish weekly close which could add to existing bearish pressure.
Extended upticks are expected to remain below descending 10SMA (currently at 106.81).
Res: 106.10; 106.30; 106.81; 107.00
Sup: 105.54; 104.98; 104.64; 104.09