USDJPY on the rise
The US dollar continues to edge higher against the Japanese yen currency as global stock markets attempt to recover from last weeks heavy sell-off. If the USDJPY pair rallies towards the 108.58 level it could signal that a major technical bottom was formed this week. Traders may also start to be more cautious towards positioning ahead of Friday’s monthly jobs report from the US economy.
The USDJPY pair is only bearish while trading below the 108.58 level, key support is found at the 107.50 and 106.85 levels.
The USDJPY pair is only bullish while trading above the 108.65 level, key resistance is found at the 108.58 and 109.80 levels.