USD/JPY: Gaining bullish strength
|The USD/JPY pair continues to trade within familiar levels, now hovering around 107.70 with a mildly bullish bias, according to FXStreet’s Chief Analyst Valeria Bednarik.
Key quotes
“It’s a quiet day in the data front, and Japan didn’t release macroeconomic data, while the US one will only include minor figures, including the Richmond Fed Manufacturing Index for May, foreseen at -47 from -53 in the previous month.”
“The USD/JPY pair retains its neutral stance with a mildly bullish bias, as, in the 4-hour chart, the pair is developing above all of its moving averages, crossing above the 20 SMA. Technical indicators, in the meantime, turned marginally higher around their mid-lines, although lacking sufficient strength to confirm a new leg north.”
“The main resistance continues to be the 108.10 area, with bulls becoming more confident on a break above it.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.