The USDJPY has opened the new trading week close to the former weekly price close, with the pair remaining in a tight trading range, close to four-month trading low’s, set on Friday.
Lower Japanese equity prices and concern over the Trump administrations ability to implement economic reforms, are all weighing on USDJPY trading sentiment this Monday.
The USDJPY pair remains bearish on all-time frames, with the price currently trading underneath all major moving averages, and below the daily, weekly and monthly pivot points.
Key intraday technical support is found at 108.96, the former weekly price low, at 108.60, and the April 17th price low, found at 108.13.
Key technical resistance is found at the 50-hour moving average, at 109.45, the recent swing high, at 109.59, and the daily pivot point, at 109.75.
