USDJPY LOOKS TO JACKSON HOLE AND CPI DATA
The USDJPY pair is quietly consolidating around the 109.30 level, ahead of the start of the Jackson Hole symposium, and the release of domestic inflation data from the Japanese economy.
On an intraday basis, the pair remains bullish above the daily pivot point, found at the 109.12 level. However, the pair is still creating bearish lower daily high's, with price still trading well below Wednesday's price high.
The USDJPY pair is currently trading above the H1 time frame 50 and 100-period moving averages, indicating short-term price strength.
Should the USDJPY continue higher, key resistance ahead is found at the weekly pivot point, at 109.59, Wednesday's swing high, at 109.81, and the August 17th swing high, at 110.37.
To the downside, the 109.12 level remains pivotal support, with the former swing low below, at 108.86 further support. Critical weekly support is found at the current monthly price low, at 108.60.