USD/JPY in bearish territory below 107.05 - Scotiabank

FXStreet (Barcelona) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank notes conditions around what she believes to be a bearish case for the USD/JPY.

Key Quotes:

" The all industry activity index was soft with a large downward revision offsetting the better than expected headline."

"USD/JPY short‐term technicals: Bearish—with all signals in sell territory but the candlestick pattern flirting with a buy signal”.

“A close above 107.05 would be encouraging for bulls. Support lies at 106.25; while resistance is at 107.05."