The USDJPY is attempting to recover the key 110 level, with buyers pushing the pair to an intraday high of 109.82. A recovery in the U.S dollar index, and rising stocks markets are helping to underpin the greenback’s recent strength.
At present, the pair is trading around the 109.50 level, after finding pullback support from USDJPY H1 time frame, 100 period moving average, found at the 109.37 level.
The USDJPY pair remains bearish on all-time frames, with the intraday outlook neutral, until the pair trades firmly above the weekly pivot point, found at 109.59.
Intraday resistance above the 109.59 level is found at the daily high, at 109.82, the psychological 110 level, and the former swing high, at 110.39.
To the downside, the USDJPY pivot point is found at 109.46, with the 100-hour moving average adding further support, at 109.37.
Below the 109.37 level, the former swing low adds intraday support, at 109.13, as does the key 108.90 level.
