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USDJPY Approaching Key Resistance at 108.00
The USDJPY is approaching an influential area at 108.00. It’s the top of the descending channel that began earlier this year. I wrote about the possibility of a 108.00 retest for USDJPY on September 5 when the pair was in the process of breaking 106.80. The market tested that 106.80 level as new support on the 6th and again on the 9th. I pointed out that retest in Sunday’s analysis. The idea was simple: as long as 106.80 was intact as support on a daily closing basis, USDJPY was headed for 108.00. As of right now, the pair is trading at 107.70, just 30 pips below that level. The big question now is, will 108.00 ... (full story)