USDJPY HITS 108.96
The USDJPY pair has fallen to a fresh weekly price low, hitting 108.96, after being pulled down by a fresh round of U.S dollar selling.
The pair has slightly recovered around the 109.15 level, ahead of the release of the United States Michigan Consumer Sentiment Index for August.
Key technical support below the 108.96 level is found around last week's trading low, at 108.72. Minor support is found at the 108.60 level, with the USDJPY yearly price low found at the 108.13 level.
Key technical resistance is found at the 109.21 level, with the M5 time frame 200-hourly moving average, coming in at 109.35. The USDJPY daily pivot point adds further resistance, at 109.74.