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The Japanese bulls continue to gain positive traction and USD/JPY hit a multi month low at 105.54 today. Although the short term outlook remains bearish according to indicators on the H4, the price bounced just ahead of US opening, having a patch of macro releases to define the further movement.
USD/JPY remains bearsih although the pair bounced from Friday’s low. The price is yet below its moving averages and indicators are hovering around their mid-lines with no clear direction. First resistance is seen at 106.85 while immediate support comes with 106.10.
USD/JPY retreated from the weekly high at 107.90 where the bulls faced strong resistance. The pair resumed the bearish trend and now is aiming 107.30.
USD/JPY recovered from the daily low at 106.37 and now nailed the 107.00 handle. According to the indicators on the four hour time frame the short term outlook is bullish with first target 107.30.