USD/JPY: Focused on the 104.46 pivot – TDS

JPY has weakened across the board (USD/JPY +2.1%) as sentiment is still highly fragile and liquidity remains a concern. Investors must take each day as it comes, in the opinion of strategists at TD Securities.

Key quotes

“In the USD/JPY pair, we remain focused on the 104.46 pivot. Spot is deeply oversold, but that may offer only limited help if the situation deteriorates further.” 

“The next notable area of support comes into play at 101.20, while 106.48 may cap a squeeze.”