HomeContributorsTechnical AnalysisUSDJPY 108.23 Pivot Point

USDJPY 108.23 Pivot Point

The US dollar is still probing close to the 108.00 support level against the Japanese yen, following a bearish weekly price close. The 108.23 level is the key weekly pivot point for the USDJPY pair, with a strong technical rejection from this level likely to accelerate selling. Overall, unless the key pivot point is breached, traders should expect the overall downtrend in the USDJPY pair to continue.

The USDJPY pair is bullish while trading above the 108.23 level, key technical resistance is found at the 108.45 and 108.60 levels.

If the USDJPY pair trades below the 108.23 level, key technical support is found at the 107.80 and 107.00 levels.

Octa
Octahttp://octaengine.com/c/?p=203&bt=gif&b=2369
Octa (formerly OctaFX) is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 40 million trading accounts.

Featured Analysis

Learn Forex Trading