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USD/JPY getting in line for August 2008 highs

FXStreet (Guatemala) - USD/JPY is trading at 108.88, down -0.14% on the day, having posted a daily high at 109.21 and low at 108.67.

USD/JPY has been firm on the 108 handle and testing the waters in 109 again since Friday's close. As noted by Karen Jones, chief analyst at Commerzbank, USD/JPY last week breached the 12 year downtrend at 108.55 and she said this has introduced scope to the 110.67 August 2008 high. “Directly above here lies the 50% retracement of the entire move down from the 1998 peak at 111.47 and we would allow for some profit taking in this vicinity”.

USD/JPY near term levels

With spot trading at 108.88, we can see next resistance ahead at 108.94 (Hourly 20 EMA) and 109.03. Support below can be found at 108.69, 108.59 (Daily Classic S1) and 108.44 (Weekly Classic PP).

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