USDJPY key moving average capping further gains
The US dollar continues to advance higher against the Japanese yen, with the risk-sensitive pair earlier breaking above its former weekly trading high, reaching 109.19. The break above the 109.09 level should be taken as bullish, although buyers need to sustain price above this key area for further upside advancement. The USDJPY pairs 100-period moving average on the four-hour time frame is now the key resistance area to watch before the 110.00 level.
The USDJPY pair is strongly bullish while trading above the 108.75 level, key technical resistance is found at the 109.19 and 110.00 levels.
If the USDJPY pair trades below the 108.75 level, sellers may test towards the 108.60 and 108.40 levels.