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USD/JPY clinging to yearly highs

FXStreet (Guatemala) - USD/JPY is trading at 108.83, up 0.14% on the day, having posted a daily high at 108.87 and low at 108.64.

With Tokyo now open, the Nikkei was up 0.69%. Earlier, USD/JPY moved up to challenge the 109 handle in recent trading although this might be an effort too soon in too short a time frame as the momentum dwindles away from an overstretched market place. A psychological level such as this will be a tough nut to crack without commitment from the bulls and traders are going to now be pre occupied with the Scottish results unveiling over the trading day ahead in Asia. The greenback may well act as a safe haven in such an environment and support the pair at yearly highs while volatility is to be expected over the course of the end of the week’s session.

USD/JPY levels

Current price is 108.84, with resistance ahead at 108.87, 108.97, 109.04 (Weekly Classic R2), 109.27 (Daily Classic R2) and 110.14 (Daily Classic R3). Next support to the downside can be found at 108.82 (Daily Classic R1), 108.70, 108.64 (Hourly 20 EMA), 108.64 and 108.38 (Monthly High).

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