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  • The demand for the Japanese yen remains high as USD/JPY rolls into Asia. 
  • USD/JPY is expected to keep declining towards the 108.47 and 108.13 price levels. 

USD/JPY daily chart

After spiking to its highest point since mid-May 2019 in mid-January, the USD/JPY currency pair is down for the fifth consecutive day.

USD/JPY four-hour chart

At the start of the new trading week, USD/JPY gapped down while trading below the main simple moving averages (SMAs). As the market is under pressure and the bears are rejecting the 109.00 figure, a break below the 108.75 support can lead to 108.47 and 108.13 price levels. Resistances are seen near the 109.00 figure, 109.35 and 109.65 price levels, according to the Technical Confluences Indicator.   

Additional key levels