November 29, 2022

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USD/JPY keeps away from a test of 109.00 for now

1 min read

USD/JPY turns around to trade a little higher on the session

USD/JPY D1 17-08

The pair was dragged to a low of 109.13 at the start of European trading amid more sour risk tones but buyers have pushed the pair back up to 109.34 currently.Invest in yourself. See our forex education hub.

The overall mood in the market continues to lean towards being more risk averse, so I wouldn’t look too much into the price action in the past hour.

Besides that, US retail sales data later today still holds the key in dictating the next potential shove in the pair so I’d wait on that before jumping to any conclusions on price action.

From a technical perspective, not much has changed as well with price still keeping below the 100-day moving average (red line) @ 109.65. That keeps sellers more poised but downside support is still locked in closer to 109.00 and trendline support @ 108.88.

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