USD/JPY Outlook (08 January 2020)

Overall, USD/JPY is moving across. Recently, USD/JPY trended lower, tested but failed to break the key level of 108 downwards after news of missile strike being carried out on U.S. base in Iraq was released. Shortly after, USD/JPY recovered most of its lost.
Currently, USD/JPY is moving towards the resistance level of 108.550 and the support level is at 106.800.
Pay close attention to any updates on the U.S.-Iran tension that is developing at the moment and look for short-term trading opportunities.