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USD/JPY: Scotiabank believes the pair will continue to drop towards 107.85
Scotiabank's technical analysis suggests that 109.90/00 is a firm resistance level for the USD/JPY in the short term and it expects the yen-dollar to continue to decline to 107.85 on the forex:
"The technical picture is bearish for the USD/JPY, with the USD losing support over the last few weeks and, more importantly, since the breakout of the retracement support at 109.90 earlier this week (50% Fibonacci retracement of the 2016 rally). We see 109.90/110.00 as a firm resistance level now and we expect the yen-dollar to continue to fall to 107.85 (61.8% Fibonacci retracement)."