USD/JPY: perhaps bulls just beat critical resistance? - Scotiabank

Analysts at Scotiabank noted that USD/JPY remains confined to a range.

Key Quotes:

"Short-term patterns suggest a potential double bottom formation on the intraday charts (targets 111.70 on a break above 109.70) and daily patterns underpin recovery prospects by signaling a strong rejection of the low seen Monday.

Upside traction looks pretty weak at this point, however, and the market is facing very tough resistance at 110.00/10 (early 2016 lows)."