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.