USDJPY STILL UNDER PRESSURE BELOW 108.98 LEVEL
The U.S dollar continues to see selling pressure against the Japanese yen in early week trading, with the pair so far ignoring a bounce-back in the broader U.S dollar index. The USDJPY pair currently trades well below the 109.00 mark, as buyers remain cautious after last week’s strong sell-off in the U.S dollar. Traders now look to the release of the CORE PCE Index later today, and a steady stream of high-impacting macroeconomic data coming out from the United States economy this week.
The USDJPY pair to remain under pressure while price-action trades below the 108.98 level. Key downside support is located at 108.51 and 108.27.
If the USDJPY pair moves above the 108.98 level, further upside towards 109.30 and 109.59 seems possible.