USDJPY continued to hold on to the upside bias that started just over a week ago. However, momentum has weakened slightly and prices have been unable to move past the 50-day moving average. This has created immediate resistance at around 106.30. If prices are able to break above this key area, the next resistance will likely come at 107.
But with the stochastics in overbought territory, the upside bias may be about the reverse. Key support areas to watch to the downside are 104.40 and 103.20.
In the bigger picture, USDJPY remains bearish with prices trading below the Ichimoku cloud, though the gap has narrowed following the recent upside move.
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