The pair USD/JPY took some bullish momentum, while the american operators entering the market, surpassing the area of 108.50, new highs of the session.
In these moments, the pair is trading at 108.60, a few pips below the closing of last week. Although the manufacturing index fell to 5.2, compared to 16.4 in April, the dollar has been able to remain resilient above the psychological level of 100.
On the one hand, the volume of transactions remains low due to the holidays, and on the other hand, the sub-index of employment advanced to a maximum of two years to 13.9, which limits the selling pressure on the greenback.
The movement of prices, however, is seen as a consolidation technique of the losses heavy of last week in place of a particular response to the data NAHB Index of Housing Market for April, and the flows of ICT for the month of February that have not yet been published and will come today later in the american session.
The initial support for the pair can be seen in 108.10 (minimum daily) followed by 107.60 (minimum of 15 November) and 107 (psychological level).
To the upside, the pair might find resistance at 109 (psychological level), 109.40 (maximum of 13 of April), and finally 110 (psychological level).