USD/JPY Forecast: Holding mid-range, downside limited

Valeria Bednarik FXStreet

USD/JPY Current price: 106.16

View Live Chart for the USD/JPY

Holding mid-range, downside limited. The USD/JPY pair recovered modestly, despite the poor performance of worldwide stocks, trading a handful of cents above the 106.00 level ahead of the US opening. Short term, the pair presents a modest positive tone, given that in the 1 hour chart, technical indicators head higher around their mid-lines, although the price is being limited by its 100 SMA. In the 4 hours chart, technical indicators have turned flat around their mid-lines, maintaining a neutral stance, but the price remains well above its moving average, which indicates a limited downward potential. The main resistance comes at 106.60, with a break beyond it required to confirm a steeper recovery, although the most likely scenario is further consolidation ahead of BOJ's meeting next week.

Support levels: 105.80 105.40 105.05

Resistance levels: 106.60 107.10 107.50

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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