USDJPY CLOSES PRICE GAP
The USDJPY pair has moved above the 110 level, closing the gap created on the price charts on September 1st. Price-action continues to remain bullish, with the pair so far climbing to an intraday high of 110.29.
Later today, traders will look to key United States PPI data for the month of August, with most analysts expecting a 0.3 percent increase, much better than the –0.1 percent decline in U.S PPI seen in July.
The USDJPY remains strongly bullish on an intraday basis while trading above the 109.90 level, with the pair rallying close to three-hundred pips, since last Friday's sell-off to 107.31.
Key intraday technical resistance is located at 110.29, the July 31st swing high, at 110.67, and the former monthly price high, at 111.05.
To the downside, key technical support is located at the daily pivot point, at 109.90 and the 50-day moving average, at 109.47.
Below the 109.47 level, the 200-hour moving average is located at 109.17, with further support from the key 108.81 Fibonacci level.