USDJPY REMAINS UNDER PRESSURE
The U.S dollar remains under pressure against the Japanese yen currency in early Monday trading, after showing only a muted reaction to Friday’s disappointing U.S Nonfarm Payrolls job report. The USDJPY currently trades around the 109.00 level, with downside pressures building after the pair found technical resistance from the 108.65 level. Traders are likely to remain focused on the 109.00 level, which is currently a key marker for the pairs sentiment.
The USDJPY pair is likely to correct lower while trading below the 109.50 level, intraday support is located at the 108.65 and 108.30 levels.
If the USDJPY pair starts to trade back above the key 109.50 level, intraday buyers will be encouraged to test towards the 110.03 and 110.45 levels.