USD/JPY Forecast: Holding near its weekly highs
|USD/JPY Current price: 104.17
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Holding near its weekly highs. The USD/JPY pair regained the 104.00 level, rallying up to 104.41 during the European morning, but surprisingly, it came under pressure following the release of US positive data, as stocks pared gains. The short term picture shows that the price is well above a bullish 100 SMA, currently around 103.80, the immediate support, whilst technical indicators are pulling back from overbought territory, indicating that the downward move may extend further, particularly if Wall Street turns negative after the opening. In the 4 hours chart, technical indicators have also turned south from near overbought readings, but the 100 and 200 SMAs keep advancing below the current level, now converging in the 102.30 region. The 100 DMA holds around 102.60, and despite short term retracements, the longer term outlook will be bullish as long as the price holds above it.
Support levels: 103.80 103.35 103.00
Resistance levels: 104.40 104.70 105.05
Interested in USD/JPY technicals? Check out the key levels
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