USD/JPY to turn bearish only on a break below 105.30

The USD/JPY pair is correcting lower, trading around 105.70, but not yet bearish.  USD/JPY could turn bearish only on a break below the 105.30 support level, Valeria Bednarik, Chief Analyst at FXStreet, reports.

See: USD/JPY to lose momentum at the 106.95 mark – DBS Bank

Key quotes

“FOMC Meeting Minutes showed that the pace of recovery in activity and employment moderated in recent months. The US will publish employment-related data, Initial Jobless Claims for the week ended February 12, later today.”

“The decline could gain momentum on a break below 105.65, with bears taking over once below the next support level at 105.30.”