USD/JPY Clings to Gains Above 109.00
USD/JPY
has entered a consolidation phase near highs, after staging a decent
rally during the previous sessions to hit its highest level in almost
two weeks.
USD/JPY rose more than a hundred pips throughout the
day and peaked at 109.26 before finding resistance and settling in a
range just below. The pair is extending a recovery from 18-month lows
scored a week ago, helped by better sentiment and rumours of possible
BoJ intervention.
USD/JPY levels to watch
At
time of writing, USD/JPY is trading at 109.09, recording a 0.72% daily
gain. As for technical levels, next resistances are seen at 109.89 (Apr
21 high), 110.70 (50-day SMA) and 111.87 (Apr 28 high). On the flip
side, supports could be found at 108.26 (May 10 low), 107.75 (10-day
SMA) and 107.07 (May 9 low).
