USD/JPY Technical Analysis: Signals further recovery towards 108.88/93 confluence
|- USD/JPY remains on the front foot after breaking the one-week-old descending trend line.
- 100/200-bar EMA, Thursday’s high on the Bull’s radar.
- Sellers can aim for October lows during fresh downside.
USD/JPY takes the bids to 108.50 amid the initial trading session on Tuesday. The pair holds onto its recovery gains after breaking short-term falling resistance line (now support).
In doing so, buyers are now looking towards a confluence of 100 and 200-bar EMA as well as high marked on Thursday, around 108.88/93.
Should buyers manage to conquer 108.93, 109.20 and 109.80 are likely next levels to watch during further upside.
Meanwhile, pair’s break below resistance-turned-support, at 108.30, can drag it back to the recent low of 107.77.
Assuming the quote’s weakness below 107.77, the Bears can target 107.00 and October month low near 106.50.
USD/JPY four-hour chart
Trend: Recovery expected
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.