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  • USD/JPY gapped down after the weekend break.
  • USD/JPY is set to continue declining towards the 108.47 and 108.13 price levels. 
 

USD/JPY daily chart

 
USD/JPY is down for the fifth consecutive session after spiking to its highest point since mid-May 2019 in mid-January.
 

 

USD/JPY four-hour chart

 
USD/JPY gapped down at the start of the new week. It trading below the main simple moving averages (SMAs) while coiling around the 109 figure. As the market is under pressure the bears might extend the down move towards the 108.75, 108.47 and 108.13 price levels. Resistances are seen near the 109.35 and 109.65 price levels, according to the Technical Confluences Indicator.   
  

Additional key levels