USD/JPY - 105.55... Dlr moved narrowly in Asia n European morning on Thur as market's focus was on other G7 currencies. Price inched higher to 105.69 in Europe but edged lower to 105.31 due to cross-buying of yen b4 rebounding in NY.

On the bigger picture, dlr's fall fm 118.66 (Dec 2016) to 2019 low at 104. 46 (Sep) confirms early uptrend fm 2016 29-month bottom at 99.00 has hit a top there. Despite hitting a 3-1/2 year bottom of 101.19 in Mar on risk-off trades due to coronavirus pandemic, dlr's rally to 111.71 due to broad-based usd's strength signals low has been seen. Having said, dlr's drop to 105.99 (Jun), then subsequent break there in Jul n selloff to a 4-1/2 month trough at 104.19 on last day of Jul confirms said decline fm 111.71 has resumed, 'bullish convergences' on daily indicators may keep dlr abv 103.20 (80.9% r). Mon's gain to 106.43 signals low is possibly made, abv would extend to 107.53, then 108.16 in Aug.

Today, dlr's decline fm 106.47 (Mon) to 105.31 Thu confirms 1st leg of correction fm 104.19 has ended, however, o/sold readings on hourly oscillators wud limit weakness to 105.06 (61.8% r) n bring rebound. On the upside, abv 105. 87 signals low is made n break of 106.19 would head back twd 106.47.

Interested in USD/JPY technicals? Check out the key levels

1. R3 106.13
2. R2 105.91
3. R1 105.73
PP 105.52
1. S1 105.33
2. S2 105.12
3. S3 104.94

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