FxWirePro: USD/JPY Remains Well Supported Above 109 Mark, Intraday Bias Remains Neutral
- USD/JPY is currently trading around 109.32 marks.
- It made intraday high at 109.40 and low at 109.20 levels.
- Intraday bias remains neutral till the time pair holds key support at 109.23 marks.
- A daily close above 110.24 is required to take the parity higher towards key resistances around 111.34 (April 05, 2016 high), 112.60 (55D EMA) and 113.42 levels respectively.
- Alternatively, a sustained break below 109.23 will drag the parity down towards key supports at 108.72, 107.94, 106.15, 105.71, 105.45 and 104.55 levels respectively.
- Today is data free calendar for Japanese market. Later today, U.S. will release new home sales data as well as Richmond manufacturing index at 1400 GMT. This will provide further direction to the parity.