USDJPY trades 0.17% lower at 108.22 as the pair consolidates below two-month highs as investors dump safe-haven assets on positive developments in US –China trade war and Brexit. Japan Industrial Production (year over year) came in at -4.7% in line with forecasts for August.
On the technical analysis side, USDJPY registers an impressive rebound since early October breaking above the 50 and 100-day moving average. On the upside, immediate resistance stands at 108.44 daily high, a convincing break above will attract more bids that can drive the prices up to 109.05 the 200-day moving average. Long positions can sit comfortably as long as the pair trades above 108. On the downside, immediate support for USDJPY stands at 108.15 today’s low while extra bids will emerge at 107.55 the 100-day moving average. USDJPY technical picture is bullish now, and an attempt to 109 looks possible.