- USD/JPY is trading off the monthly highs.
- The level to beat for bulls is the 109.74 resistance.
USD/JPY daily chart
USD/JPY is off the monthly highs below the 109.50 level, which acted as strong support/resistance in 2019.
USD/JPY four-hour chart
The market is in retracing mode after the strong bullish advance of last week. The market is currently supported near the 109.29 level. However, bulls will need a daily close above the 109.74 resistance to open the gates towards the 110.13 and 110.54 levels. On the flip side, below 109.29, the market could decline towards the 108.95 and 108.78 price levels, according to the Technical Confluences Indicator.
Additional key levels