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    USD/JPY heading back towards 106.65 session low

    The USD/JPY pair remained well offered, with the USD/JPY pair now heading back towards session low near 106.65 level as the greenback is now seen giving-up some of its risk-off driven gains.The perceived safe-haven currency, Yen, remains well supported by the negative sentiment prevailing across global financial markets. And ass we head towards next week's key monetary policy decisions from both, the US Federal Reserve and the Bank of Japan, investors nervousness is likely to remain elevated. Focus now shifts to today's Prelim UoM Consumer Sentiment from the US which might provide some momentum for short-term traders.Technical outlookSlobodan Drvenica, Information & Analysis Manager at Windsor Brokers Ltd. notes, "yesterday’s long-tailed daily candle may signal extended delay of final push towards key short-term support at 105.53 (03 May low).""Near-term price action is hovering around 107 handle, with initial resistances at 107.37/46 (Wednesday’s high / Fibo 23.6% of 111.43/106.24 descend), remaining intact for now and guarding the first pivot at 107.89 (Tuesday’s peak / n/t recovery rejection.""While the latter stays intact, immediate risk remains shifted lower, while break above 107.89 barrier would spark stronger correction towards 108.22 (Fibo 38.2%) and strong 108.83 barrier (daily Tenkan-sen / Kijun-sen bears cross)."


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