FxWirePro: USD/JPY Edges Lower from Fresh Weekly High at 109.55, Weakness Only Below 5-Dma at 108.65
- USD/JPY has scored a high of 109.54 as the greenback strong across the board.
- Fed speakers were optimistic and more hawkish yesterday, relieving the dollar from the post Yellen New York speech.
- Risk and commodities have bounced back as well, we see scope for some further recovery in the major.
- Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-extends-rally-for-the-second-straight-session-markets-cheer-stronger-Chinese-exports-data-193835) has almost hit targets.
- The pair has hit highs of 109.54 early in the Asian session and has pared some gains to currently trade at 109.42 levels.
- Immediate resistance and supports are located at 109.44 (10-DMA) and 108.65 (5-DMA) respectively.
- We advise booking partial profits, break above 109.70 could see test of 109.90 and then 110 levels.
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