YEN HIGHER AS INVESTORS SELL RISK ASSETS
The USDJPY pair has come under selling pressure during the Asian session, falling to 109.30, as investors sell the U.S dollar, amidst growing doubts about U.S. President Donald Trump's ability to implement his economic agenda.
Investor confidence has also been shaken, after a terror attack involving a van, drove through crowds of tourists in Barcelona on Thursday, killing at least thirteen people and injuring more than one hundred people.
The USDJPY pair remains strongly bearish on all-time frames, with the pair continuing to be sold on any upside rallies above the 110 level.
Key technical support is found at the current weekly price low, at 109.20, with the July 14th intraday low adding further support, at 108.80. Once price closes below the 108.80 level, the April 17th low comes into focus, at 108.11, forming critical long-term support.
To the upside, the USDJPY weekly pivot point is found at 109.62, with the daily pivot point, above at 109.75. The 100 and 200-hour moving averages converge around the 110.10 level.