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USD/JPY finding good support 109.50

FXStreet (Guatemala) - USD/JPY is trading at 109.75, up 0.24% on the day, having posted a daily high at 109.86 and low at 109.19.

USD/JPYcaught a bounce that takes it out of the bears lair and on towards 109.80 /85 after there was a little bit of profit taking after the 13 count on the daily chart. There is good nearby support circa 108.25/50 and as Karen Jones, chief analyst at Commerzbank notes, the pair remains remains under pinned by the 107.21 short term uptrend. “We will assume while above here that the market remains well placed for further gains”.

USD/JPY hourly levels

Spot is presently trading at 109.75, and next resistance can be seen at 109.76, 109.80 (Daily Classic R1), 109.81 (Weekly Classic R1), 109.86 and 110.10 (Daily Classic R2). Next support to the downside can be found at 109.55 (Hourly 20 EMA), and 109.50.

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