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USD/JPY back in positive territory; looking for key level

FXStreet (Guatemala) - USD/JPY is trading at 108.94, up 0.05% on the day, having posted a daily high at 109.01 and low at 108.46.

The Japanese currency is on a losing streak again after markets shrugged off the Abe concerns over a weaker Yen and we are now back into positive territory. Valeria Bednarik, chief analyst at FXStreet explained that the indicators hold in positive territory, but lost earlier upward momentum. “In the 4 hours chart the pair presents a mild positive tone, as per indicators heading higher around their midlines, and moving averages maintaining their strong bullish slope. Nevertheless, price needs now to break either above 109.45 or below 108.20 to be able to establish a clearer trend”.

USD/JPY support and resistance levels

Support levels: 108.65 108.20 107.70

Resistance levels: 108.80 109.45 109.80

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