USD/JPY Forecast: Short Term Bullish, 110.60 Key
Short term bullish, 110.60 key. The USD/JPY pair advanced in the European morning, as adding to broad dollar's strength are rising stocks. Safe haven assets are being quickly discarded this Tuesday, and the pair trades near a high so far set at 109.76. Technically, the 1 hour chart shows that the 100 SMA stands around 109.85, providing an immediate resistance, whilst the technical indicators are well above their mid-lines, with modest bullish slopes, supporting at least and advance up to 110.10. In the 4 hours chart, the technical indicators recover within negative territory, whilst the 100 SMA turns higher below the 200 SMA, with both far below the current level, in line with the shorter term outlook. Nevertheless, gains beyond 110.60 are not yet likely, as the pair will need a huge trigger to break above it, and seems unlikely the market will have it during the next few days.
Support levels: 109.50 109.20 108.70
Resistance levels: 109.80 110.10 110.60