The USD/JPY pair has been struggling around 109.00 after reaching 109.16. A corrective decline is set to stop at the 108.65 level, according to the FXStreet’s Chief Analyst Valeria Bednarik.
See: USD/JPY, the trend remains to the upside, the next resistance 109.39 – Credit Suisse
The key is what others have said
“The 4-hour chart shows that, while the USD/JPY is still holding above all of its moving averages, technical indicators are correcting overbought conditions, while far from signaling an upcoming decline. The 20 SMA maintains a strong slope upward, providing the dynamic support around 108.30.”
“As long as the pair remains above 108.65, the downside potential will remain limited.”
Initial Jobless claims are expected to show 1.8 million in the Americas and full of unemployment, and while it will always be negative, and the number continues to show signs of improvement. The country will also go out in the 1st quarter of broker, who will give Nothing, expected at -2.7%, and the Unit labor Cost for the same amount of time, is expected to be about 5%.”