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The USD/JPY pair recovered from the daily low at 109.77 following US Treasury yields, as firmer equities worldwide keep risk-aversion in check. However the 20-day SMA is acticting as immediate support at 110.45, which yet remains hard to achieve by the bulls.
Today the USD/JPY pair is showing strong bullish momentum, but currently is capped by the 50-day SMA on H4 around 110.62.
USD/JPY is showing strong upward strength and seems that bulls are back. The new targets for the upside are located at 111.45 and 111.54-111.64 zone.