USD/JPY Forecast: Dollar Gains, No Matter What
Dollar gains, no matter what. The USD/JPY has advanced overnight up to 110.37, with a short lived bearish knee-jerk down to 109.77 being quickly reversed. Dollar's upbeat tone remains as market begins to price in a US June rate hike, helping the pair to advance despite the sour tone of worldwide stocks. Technically, the upside is favored with the 1 hour chat showing that the indicators turned higher around their mid-lines, whilst the price advances far above the 100 and 200 SMAs, both clearly bullish. In the 4 hours chart, however, a neutral stance prevails, with indicators heading nowhere above their mid-lines, and the price above bearish moving averages. The pair has a major resistance in the 110.60 region, and needs to extend beyond it to extend its gains this Thursday, up to the 111.00 region.
Support levels: 109.55 109.10 108.70
Resistance levels: 110.10 110.60 111.00