Contributors Technical Analysis USDJPY Testing Pivotal 108.98 Level

USDJPY Testing Pivotal 108.98 Level

The U.S dollar has lost ground against the Japanese yen in early Wednesday trading, falling back towards the pivotal 108.98 technical level. After seeing a strong relief rally towards the 109.71 level following a recovery in global equity prices, USDJPY price-action is now testing demand around the 109.00 zone. Going forward, risk-sentiment remains the key driver of the pair, as the Japanese yen currency is considered a major safe-haven asset in times of extreme market volatility.

The USDJPY pair remains bullish while price-action trades above the key 108.98 pivot, further upside towards the 109.44 level is still possible.

If the USDJPY pair falls below the 108.98 level, we may see a deeper correction back towards the 108.70 and 108.27 support levels.

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