USDJPY HOLDING 200 HOUR MOVING AVERAGE
The USDJPY pair continues to hold onto intraday gains, and trade above its 200-hour moving average, despite a move lower in the U.S dollar index.
During the upcoming U.S session, the key focus for USDJPY traders will be on Federal Reserve Chair Janet Yellen's speech at the Jackson Hole Symposium, and United States Durable Goods Orders.
The USDJPY pair remains bullish in the short-term, but strongly bearish in the medium and long term.
Key short-term upside resistance is found 109.81 and the psychological 110 level. Above the 110 level, the 110.38 and 110.81 levels remain critical weekly resistance areas.
To the downside, the daily pivot point is found at 109.42, with the H1 time frame 100 and 50 period moving averages dominating short term USDJPY support, between 109.32 and 109.35.
Below 109.32, the 109.13 and 108.86 levels offer critical support, as does the current monthly price low, at 108.60.