USDJPY TESTS KEY RESISTANCE
The USDJPY pair is gaining strength as the new trading week begins, with price-action moving towards key resistance, at 108.56, marking a one-hundred and twenty-five pips rebound from the fourteen-month trading low, set last week, at 107.31.
So far, the yen currency has overlooked stronger than expected domestic economic data out earlier today, which showed an eight-percent monthly increase in Japanese machine orders.
The USDJPY pair remains strongly bearish in the medium and long-term whilst trading below the 111.50 level. In the short-term, the pair remains intraday bullish whilst trading above the 108.37 level.
Key intraday technical support is located at the weekly USDJPY pivot point, at 108.37, the former yearly price low, at 108.13, and the daily pivot point, at 107.80.
Key USDJPY technical resistance is located at the 100-hour moving average, at 108.60, with further long-term Fibonacci resistance at 108.80.
Above the 108.80 level, buyers may look to target the 109.05 level, and 200-hour moving average, at 109.32.