USD/JPY technical analysis: Tests key support at 108.31
|- USD/JPY defends key rising trendline support.
- Bulls need a break above 108.53.
The Japanese Yen picked up a bid earlier today, pushing the USD/JPY pair down to 108.31 – support of the rising trendline on the hourly chart.
The JPY has strengthened despite the 0.18% rise in the futures on the S&P 500.
As of writing, the pair is trading at 108.38, meaning the buyers have defended the trendline support.
That said, the bullish case would strengthen only if the pair finds acceptance above 108.53 – the high of Thursday’s dragon fly doji.
That would open the doors to a break above Wednesday’s high of 108.99.
The outlook would turn bearish if the pair prints a daily close below the dragon fly doji candle’s low of 107.86.
Hourly chart
Trend: Bullish above 108.53
Pivot points
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