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Abe is ready to act further

This morning, Japanese Prime Minister Shinzo Abe has declared that the Government is ready to take bold and timely actions if further steps are needed to support the economy. He added he is ready to take further steps to ease economic pain from Covid-19 pandemic, even during the current Parliament session if needed.

From a technical point of view, USD/JPY stands above a strong horizontal support at 106.60. Readers may therefore consider the potential for further advance as the nearest resistance would be set at horizontal resistance at 107.15 and a second one would be set at set at May 1 top at 107.40 in extension. Any break below 106.60 would lower the bullish potential and would lead to a consolidation towards 106.35.

Source: TradingView, GAIN Capital

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