USD/JPY price analysis: Greenback trades at daily lows against yen, sub-109.00 handle

 

 

USD/JPY is correcting the recent drop below the 109.00 figure and the 200-day simple moving average (DMA) on the daily time frame.

 

 

USD/JPY remains on the back foot below the 109.04 resistance and the main SMAs. Bears will likely try retest 108.59 support. If this level fails to hold prices, the spot could decline towards the 108.36/25 level, according to the Technical Confluences Indicator.

   

 

USD/JPY is trading below a downward sloping 200 SMA on the 30-minute chart suggesting a bearish bias in the near term. Resistance is seen at 109.04 and 109.49 price levels, according to the Technical Confluences Indicator.