USDJPY continues its trip above 108 adding 0.17 percent today at 108.95 ahead of Jerome Powell testimony later today looking for fresh cues on next monetary policy move. Earlier today the Japan Domestic Corporate Goods Price Index, Month over Month, came in at -0.5% below expectations of -0.3% in June.
USDJPY continues higher for fifth day in a row and builds to positive momentum for a move above 109, a level that failed to breach yesterday. Immediate support for the pair stands at 108.77 the 50 hour moving average while extra support will be met at 108.27 the low from July 8th. On the upside first resistance stands at 109 while a break above can drive prices up to 109.61 the high from May 31st. The bullish momentum for USD against Yen is still intact as long as the pair holds above the 108.27 mark.Don’t miss a beat! Follow us on Twitter.