USD/JPY technical analysis: One-week old support-line favors upside momentum
|- USD/JPY remains firm above short-term rising trend-line.
- 106.65/70 remains as the key upside barrier.
With one-week-old upward sloping trend-line portraying the USD/JPY pair’s strength, the quote takes the bids to 106.60 heading to the Europe market open on Friday.
Buyers’ immediate attention will be on 106.65/70 horizontal-area comprising multiple highs since early-month, a break of which can quickly propel the prices to 107.00 whereas July month low near 107.21 could please buyers afterward.
On the contrary, 23.6% Fibonacci retracement level of 106.50 can serve as immediate support ahead of highlighting 106.30 support-line.
In a case where sellers sneak in and break the key trend-line support, 50% Fibonacci retracement of 106.00 and August 14 low around 105.65 could be on their radars.
USD/JPY hourly chart
Trend: Bullish
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.