The Japanese yen continued to move higher against the U.S dollar, reflecting the risk-averse mood in the broader markets. The USDJPY pair fell close to one percent overnight, slumping to 108.50, marking its biggest one-day drop in three months.
U.S dollar weakness is also helping to push the USDJPY pair lower, after U.S factory orders data came in at -3.3 percent for the month of August, which was the weakest reading in over three years.
The USDJPY pair remains strongly bearish on all-time frames, with price-action now moving towards the 2017 price low, at 108.13.
Key intraday technical support is found at the former monthly price low, at 108.27, and the 2017 price low. Below the 108.13 level, further weekly support is located at the November 15th, 2016 price low, at 107.76.
Key intraday technical resistance is found at the 50 percent Fibonacci retracement, of the 118.66 price high to the 98.99 swing price low, at 108.81. Above the 108.81 level, further USDJPY resistance is found at 109.06, and the 50-hour moving average, at 109.31.
