USD/JPY Forecast: Bullish, but with no momentum
|USD/JPY Current price: 104.50
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Bullish, but with no momentum. The USD/JPY pair advanced to 104.60 this Tuesday, stalling a couple of pips below the monthly high, and holding nearby early US session, lead by a modestly positive tone in worldwide stocks and dollar's strength. The pair maintains a positive tone, although there's a clear lack of momentum. Short term the 1 hour shows that the price has moved well above its 100 and 200 SMAs, both together and with no clear strength around 103.90, while technical indicators have retreated from near overbought readings, suggesting that the buying interest diminishes as the price approaches the critical 105.00 level. In the 4 hours chart, however, technical readings support a new leg higher, given that the momentum indicator heads sharply lower well above its 100 level, the RSI indicator consolidates around 66, and the 100 SMA extended its advance below the current level.
Support levels: 104.25 103.70 103.30
Resistance levels: 104.60 105.05 105.50
Interested in USD/JPY technicals? Check out the key levels
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