USD/JPY Forecast: Bullish, but no momentum
|USD/JPY Current price: 102.39
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Bullish, but no momentum. The USD/JPY pair trades near a fresh 3-week high established this Tuesday at 102.44, as the strong upward tone of worldwide stocks put safe-haven currencies under pressure. Still, the pair lacks upward potential in the short term, as in the 1 hour chart, indicators are mostly flat within positive territory, although the price is far above its 100 and 200 SMAs, indicating that the risk remains towards the upside. In the 4 hours chart, indicators head north within overbought territory, but the price remains below a horizontal 200 SMA, currently around 102.60, the level to surpass to see the pair advancing further. However, and with the US Payroll report scheduled for this Friday, the pair may enter in a consolidative stage, and wait for the release of the figures before actually finding some directional momentum.
Support levels: 102.00 101.60 101.25
Resistance levels: 102.60 102.95 103.30
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