USDJPY PAIR LOOKING FOR DIRECTION AROUND 108.98
The USDJPY pair has moved back towards the pivotal 108.98 level, after suffering yet another pull-back towards the 108.50 zone, following the broad-based decline in global equity prices on Thursday. Investors continue to seek safe-haven asset classes on the last trading day of the week, as risk-off trading sentiment worsens, underpinning overall demand for the Japanese yen currency. Moving into the European trading session, traders will look to equity prices and the key 108.98 level for guidance on the USDJPY pairs next intraday move.
The USDJPY pair remains intraday bullish while price-action trades above the 108.98 level, further upside towards 109.44 and 109.71 may occur.
Should the USDJPY pair start to trade below the 108.98 level for an extended period, we may see a correction back towards the 108.70 and 108.45 support levels.