USD/JPY Price Analysis: Greenback trades at three-day lows vs. yen, nearing 109.00 handle

 

 

USD/JPY is trading off the December highs below the 109.50 level, which was a strong support/ resistance level throughout the year. 

 

 

The bulls are losing their grip as the market is trading at its lowest in three-day and breaks below the 109.28 level. The spot is challenging the 50 SMA on the four-hour chart as bears are probably setting their eyes on 109.05 and 108.60 price levels, according to the Technical Confluences Indicator. A recovery could find resistance at the 108.28 level, followed by 109.44 and 109.68.