USDJPY TESTS WEEKLY PIVOT
The USDJPY has rebounded strongly from the key 109 level, with the pair moving above its hourly time frame, 50 period moving average in early Asian trading, and testing the pairs calculated weekly pivot point, at 109.62.
Going forward, geopolitical risks are again expected to remain a key theme for the global markets in the near term, as North Korea celebrates Liberation Day on Tuesday to mark the end of Japanese rule.
The USDJPY pair is currently bullish in the short-term whilst trading above the 109.30 level, however the pair remains strongly bearish in the long to medium-term.
Key technical resistance is dominated by the hourly time frame moving averages. The 100-hour moving average offers strong intraday resistance at 109.73, whilst the 200-hour moving average sits at 110.14.
Key technical support is found at the M5 time frame, 50 period moving average, at 109.45. Below the 109.45 level, the hourly time frame, 50 period moving average is found at 109.30. The USDJPY daily pivot offers critical support, at the key 109.11 level.