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USD/JPY Price Analysis: Greenback trades at three-day lows vs. yen, nearing 109.00 handle

  • USD/JPY is breaking to the downside below the 109.28 level.
  • The level to beat for bears is the 109.05 support. 
 

USD/JPY daily chart

 
USD/JPY is trading off the December highs below the 109.50 level, which was a strong support/ resistance level throughout the year. 
 

USD/JPY four-hour chart

 
The bulls are losing their grip as the market is trading at its lowest in three-day and breaks below the 109.28 level. The spot is challenging the 50 SMA on the four-hour chart as bears are probably setting their eyes on 109.05 and 108.60 price levels, according to the Technical Confluences Indicator. A recovery could find resistance at the 108.28 level, followed by 109.44 and 109.68.  
 
    
 

Additional key levels

 

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