Broad-based US dollar bounce amid deteriorating market mood continues to put pressure on the greenback against the Yen, as investors consider the Yen a better safe-haven option for the time being. The Fed presented a sour economic outlook, pouring cold water over the optimism generated by last Friday’s stellar Nonfarm Payrolls. If this risk aversion mood continues, the pair will likely resume to breakdown further as 106.75 is the next support level.
Support: 106.75 / 106.50
Resistance: 107.10 / 107.35
