USDJPY is trading modestly higher today despite the broad-based USD weakness. The bulls are doing their best to keep the price above the importance resistance, the previous support, located around the $108.50 mark. The most important resistance, short-term, lies around the $109.00 handle.
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Although it slipped below the major horizontal support in the region of $108.50, the USDJPY has managed to regain the important level during the course of the day. The further gains were rejected by the 100 MA on the 1-hour chart.
The improved risk appetite today is allowing the commodity currencies to push higher against the dollar and yen, with the USDJPY trading pair stuck in the tight range.
Higher up, the ascending trend line, currently at $109.00, will continue to provide a key resistance as it has already managed to reject previous two attempts to move higher. Below $108.50, the confluence of 100 MA and 200 MA on the 4-hour chart has established an intraday support.