USD/JPY maintains bullish tone, 109.33 highest in Asia

FXStreet (Bali) - USD/JPY has been correcting lower since the Tokyo open, retreating off 109.33 intraday high, testing bids just ahead of 108.00 mark before a mild rebound to current Y 109.12 pricing.

Jim Langlands, Founder at FXCharts, thinks that "more of the same looks possible today, at least until the release of the US data, but in the bigger picture nothing has changed and once 109.50 is overcome then the next realistic target is at 110.65 (August 2008 high)."

On the downside, any setback, according to Jim, "sees bids at 108.80 (100 HMA) and then again around session low 108.45 and 108.25."