USDJPY advance reaches 109.88 level
The US dollar has extended its recent advance towards the 109.88 level against the Japanese yen, due to rising equity markets and a general bid-tone towards the greenback. The 110.00 level is the major upside area to watch, a break above this area may provoke a rally towards the 110.40 level. To the downside, a sustained loss of the 109.60 level may prompt further weakness in the USDJPY pair towards the 109.00 area.
The USDJPY pair is strongly bullish while trading above the 109.60 level, key technical resistance is found at the 110.00 and 110.40 levels.
If the USDJPY pair trades below the 109.60 level, sellers may test towards the 109.30 and 109.00 levels.