The USDJPY has risen to a 2-day trading high, hitting 109.79 during the Asian session, following a seventh straight month of core inflation rising in the Japanese economy.
Critically, the USDJPY has failed to move above the current weekly price high, set at 109.81, with price action now falling back towards pairs weekly pivot point, found at the 109.59 level.
The USDJPY pair is currently trading above both daily and weekly pivot points, with price also closing above the crucial 200-hour moving average, found at 109.61.
Key intraday technical resistance is found 109.81, 110.13 and the former swing high, at 110.38. Critical weekly resistance is found at the key 110.79 technical level.
Intraday technical support is found at the daily pivot point, at 109.42, with 50 and 100 hour moving averages converging, to offer support at the 109.30 level.
Critical support is found at the former swing price low, at the 109.13 level.
