USD/JPY Outlook (06 January 2020)

Overall, USD/JPY is trending downwards. Recently, USD/JPY trended lower, breaking the key level of 108 amid the death of Iran’s top commander General Qassim Soleimani leading to an increase in demand of safe haven currencies such as the Japanese yen by market participants.
Currently, USD/JPY is testing to break the key level of 108 upwards. USD/JPY’s next support level is at 106.800 and the next resistance level is at 108.550.
Look for short-term selling opportunities of USD/JPY if it fails to break the key level of 108 upwards.