USD/JPY Supported

USD/JPY has been trading to the downside ever since it reached its peak post-elections when Trump became president. The pair reached a high of 118.60 on Dec 16 and then slowly started to depreciate until recently when it made its lowest point at 108.11.

The pair is now 108.99 and it seems that the support level has successfully managed to hold the bears from destroying the trend. More important, however, is the fact the Yen has been depreciating against all of its peers.

The Yen is trading at support against the Australian dollar as well so we might expect a change in direction. The GBP/JPY pair is the only one that is going to the upside due to the unexpected announcement about the UK General Elections in June.