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USD/JPY dips back below 109.00

FXStreet (Córdoba) - USD/JPY has pulled back from fresh 6-year highs scored above 109.00 as investors book profits ahead of the weekend.

USD/JPY reached its highest level in 6 years at 109.45 during the Asian session, but lost momentum and dipped back below the 109.00 mark in a corrective move. At time of writing, USD/JPY is trading at the 108.80 area, 0.11% above its opening price and on track to record its third weekly gain in a row.

USD/JPY technical outlook

“The uptrend here is absolutely intact, heading towards 110.60 target zone”, said Stoyan Mihaylov, analyst at DeltaStock.com.

In terms of technical levels, next supports are seen at 108.63 (intraday low) and 108.31 (Sept 18 low). On the flip side, resistances could be found at 109.45 (Sept 19 high) and 109.57 (Aug 29 2008 high).

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