- USD/JPY keeps trading above four-day-old trend-line.
- 4H 100MA, two-week-old resistance-line restrict near-term advances.
Despite pulling back from 106.50, USD/JPY remains above immediate support-line while trading near 106.35 during early Monday.
While 106.50 acts as immediate upside resistance, buyers will be more concerned about 106.83/85 confluence including two-week long descending trend-line and 100-bar moving average on the four-hour chart (4H 100MA).
In a case prices rally beyond 106.85, 50% Fibonacci retracement of current month declines, at 107.20, can question bulls ahead of pushing them towards 107.60 and 108.00 resistances.
Alternatively, a downside break of 106.25 can quickly fetch the quote to 105.50 whereas 105.00 and January month low near 104.75 will be on sellers’ radar next.
USD/JPY 4-hour chart
- R3 107.04
- R2 106.77
- R1 106.57
- PP 106.3
- S1 106.1
- S2 105.83
- S3 105.63
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