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USD/JPY retreats further, eyes 109.00

FXStreet (Córdoba) - USD/JPY remains under pressure Monday, and continues to pullback from the 110.00 area as the greenback corrects lower after Friday’s rally.

In the absence of economic data releases, USD/JPY flows have been dominated by profit-taking, sending the pair to a low of 109.07 in recent dealings. Investors are now waiting for Tuesday’s Bank of Japan monetary policy decision, with consensus calling for no changes in October. At time of writing, USD/JPY is trading at 109.10, recording a 0.54% loss on the day.

USD/JPY technical outlook

According to Valeria, Bednarik, chief analyst at FXStreet, technical indicators maintain a the positive tone, “which should favor a recovery up to 109.70 in the short term, and towards recent highs at 110.10 if the previous is broken”.

Bednarik locates next support levels at 108.80 and 108.50, while she places resistances at 109.70, 110.10 and 110.50.

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