USDJPY CONTINUES TO SLIDE

The Japanese Yen continues to gain strength against the U.S dollar, as escalating geopolitical tensions continue to keep investors on edge, with the Yen benefitting from Japan’s net creditor nation status.

During the Asian session, the USDJPY pair fell towards a five-day trading low, hitting 109.20, with price-action now trading around the 109.32 level.

The USDJPY remains strongly bearish on-all time frames, with the pair now trading below the daily, weekly and monthly pivot points.

Key intraday technical support is located at the current weekly price low, at 109.20, and the 50 percent Fibonacci retracement, of the 118.66 swing high to the 98.99 swing low, at 108.81.

Below the 108.81 level, the 108.60 level and the former monthly price low, at 108.13, offer strong weekly support.

Key intraday technical resistance is located at 109.36, the daily pivot point, at 109.64, and the former swing price high, at 109.93.