USD/JPY: bulls target breat of 61.8% retracement - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that USD/JPY bounced modestly from a fresh 5-week low of 106.36 achieved early Asia, following Prime Minister Shinzo Abe comments, saying that bold, new economic measures are coming this autumn.

Key Quotes:

The Japanese economy, however, has barely avoided recession during the first quarter of this year and the market is having some serious doubts over the success of further easing.

The pair has regained the 107.00 level, but remains well below the 61.8% retracement of its latest bullish run around 107.80, and it would take some follow through beyond this last to support some further gains during the upcoming sessions."