The USDJPY pair has moved above strong historical Fibonacci resistance, hitting 108.95, after intraday sellers failed to push price-action below the August monthly price low, found at the 108.26 level.
After reaching a new September price low of 108.44, the USDJPY found strong intraday buying demand, with the pair now testing its calculated daily pivot point, at 108.88.
The USDJPY pair is currently neutral on an intraday basis, whilst trading above the 108.88 level. However, traders should note the bullish higher monthly price low, created on the charts, at 108.44.
Key intraday technical resistance is located at the 50-hour moving average, at 109.17, and the September 4th swing price low, at 109.38.
Key intraday USDJPY support is located at the long-term Fibonacci retracement level, 108.81, with further technical support at 108.60 and 108.44.
Below the 108.44 level, traders should look for further selling towards 108.26, 108.13 and 107.81.
