USDJPY SPIKES AS DEBT CEILING EXTENSION AGREED
The USDJPY pair spiked towards the 109.40 level, as American President Donald Trump agreed to a request from the U.S Democratic party, to raise the U.S debt ceiling and further extend government funding through December 15th.
However, the USDJPY pair has slipped back towards the 109 level, finding support from the 108.89 level, as tensions remain high in the Korean peninsula.
The intraday outlook for the USDJPY remains mixed, with the pair bullish above the key 108.81 level, but also risks further selling pressure whilst failing to close above the 109.40 level.
Key technical resistance is located at the USDJPY 100 and 200-hour moving averages, at 109.43-53, and the pairs weekly pivot point, at 109.73.
Key intraday support for the USDJPY pair is located at the 108.89 level, and the 50 percent Fibonacci retracement of the 118.66 swing high to the 98.99 swing low, at 108.81.
Below 108.81, the 108.60 and 108.44 level offer further support, with the 108.13 level the strongest weekly support level.