USDJPY INTRADAY DIRECTION DEFINED BY 108.98 LEVEL
The U.S dollar has encountered extreme volatility against the Japanese yen currency overnight, with price-action spiking towards the 109.76 level, following U.S President Donald Trump’s comments on the U.S dollar. Speaking in the World Economic Forum, President Trump said the value of the U.S dollar will get much stronger, causing the USDJPY pair to rally over one-hundred pips from the 108.50 support level. Price-action is currently trading around the 109.20 level, with the greenback now giving back gains.
The USDJPY pair is likely to move higher while price-action trades above the 108.98 level. Upside targets for buyers remain 109.76 and 110.00.
Should price-action on the USDJPY pair decline below the 108.98 level, further losses towards 108.60 and 108.20 seem possible.