USDJPY TESTING KEY 109.00 LEVEL
The U.S dollar has started to recover higher against the Japanese yen currency, after earlier dropping lower, alongside global equity market prices. The USDJPY pair is currently trading around the 109.00 level in early Wednesday trading, after finding strong technical resistance from the 109.19 level. Traders are likely to remain focused on the key 108.50 to 109.00 price-range, and the high correlation the pair has with equity market sentiment.
The USDJPY pair is only intraday bullish while trading above the pivotal 108.50 level, resistance is now found at the 109.19 and 109.78 levels.
If the USDJPY pair trades below 108.50 level, price-action may test towards the 107.92 and 107.60 support levels.