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USD/JPY moving in o 109 territory

FXStreet (Barcelona) - USD/JPY is trading at 108.89, up 0.10% on the day, having posted a daily high at 108.96 and low at 108.69.

The Nikkei opened lower by 0.31% and the pair is moving in on the 109 handle after European and US trading took the pair lower giving back gains on Fridays’ jobs report from the US. The pair shed over 100 pips and now we await the BoJ that is expected to be later than originally scheduled due to Kuroda's appearance in parliament. Analysts at TD Securities, from a technical point of view, explained that while the USD is capped below 110.10, corrective risks remain. “The weekly chart shows a possible top forming last week (“hanging man” signal) which a lower close this week will help “confirm”. We are cautiously bearish while USDJPY is below 110.10”.

USD/JPY noteworthy levels

Spot is presently trading at 108.89, and next resistance can be seen at 108.96 (Daily High), 109.08 (Hourly 20 EMA), 109.19 (Hourly 200 SMA) and 109.29 (Weekly Classic PP). Next support to the downside can be found at 108.78, 108.65 and 108.48 (Weekly Classic S1).

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