USD/JPY Forecast: Ranging Ahead of ECB and NFP
USD/JPY Current price: 111.16
Ranging ahead of ECB and NFP. The USD/JPY pair fell down to 110.81 at the beginning of the day, but quickly recovered ground although remained contained below the 100 DMA and yesterday's high of 111.44. The pair presents a modest upward potential in the short term, as the price keeps developing well above its moving averages, while the technical indicators head higher after crossing their mid-lines, in line with further gains. In the 4 hours chart, the technical indicators head modestly higher around overbought territory, rather consolidating than suggesting an upcoming upward move. The pair can rally up to 112.30 on a break above the mentioned 111.45 region, although with the ECB economic policy meeting and the US Nonfarm Payrolls on the dock for later this week, the most likely scenario is some further limited ranging.
Support levels: 111.00 110.60 110.20
Resistance levels: 111.45 111.90 112.30
