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USD/JPY ducks away from key 109.50 resistance

FXStreet (Guatemala) - USD/JPY is trading at 109.36, up 0.08% on the day, having posted a daily high at 109.52 and low at 109.27.

USD/JPY has ducked away from the impressive attempts at the midway point of the 109 handle of last week and is offered to the aforementioned lows which may act as static support on a quiet calendar given the psychological position of this level and last week's mid week congestion. Valeria Bednarik, chief analyst at FXStreet explained, that technically, the short term picture shows price developing above 100 and 200 SMAs, with the latest approaching the first from below, usually a sign of exhaustion of the dominant trend. “As for the 4 hours chart indicators are turning lower above their midlines, also suggesting some short term exhaustion, albeit not supporting yet a bearish move”.

Support levels: 109.20, 108.9,0 108.50 and 108.20

Resistance levels: 109.45, 109.80 and 110.20

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