FXstreet.com (San Francisco) - USD/JPY is range bound below 79.56 this Monday in Asia, a recent 5-week high printed overnight Friday. However, the pair holds a slightly bullish tone, and looks to be threatening to break onto higher ground in the hours and sessions ahead.
“In the 4 hours chart the upward momentum is also strong with more gains expected as long as above mentioned support, with 79.60 being100 SMA in the daily chart: expect the level to offer some resistance, yet, once above, rally should extend towards the 80.00 level,” says Valeria Bednarik, Chief Analyst at FXstreet.com.
If the rally extends above the 80.00 figure, further resistance lies at 80.30, while the downside offers support at 79.40, 79.10 and 78.80.
“In the 4 hours chart the upward momentum is also strong with more gains expected as long as above mentioned support, with 79.60 being100 SMA in the daily chart: expect the level to offer some resistance, yet, once above, rally should extend towards the 80.00 level,” says Valeria Bednarik, Chief Analyst at FXstreet.com.
If the rally extends above the 80.00 figure, further resistance lies at 80.30, while the downside offers support at 79.40, 79.10 and 78.80.
