The USDJPY pair remains under selling pressure as the new trading week begins, with price action hovering just above the 109 level, following Friday’s strong rejection from the 109.84 level.
Technically, the USDJPY is strongly bearish, with the pair now trading back below all key short, medium and long-term moving averages, with price now risking extended losses towards fresh 2017 lows, below the key 108.13 level.
Later today the Japanese economy releases household spending data and the July unemployment rate, with the U.S economic calendar remaining fairly light, the upcoming Japanese data points should impact the USDJPY.
Key upside technical resistance is found at the weekly pivot point, at 109.28, and the daily pivot point, at 109.42. Above 109.42, the 109.59 level comes back into focus, with the 109.80 level again the key to further upside above the 110 level.
To the downside, the triple bottoms created on the lower time-frame charts come into focus, with support layered below the 109 level, at 108.86, 108.69 and 108.60.
