- USD/JPY has moved back above the 5-day moving average.
- A move above 110.35 would validate the bullish short-term MAs and confirm an upside break of the falling trend line.
USD/JPY is currently trading at the ascending (bullish) 5-day moving average (MA), currently at 110.24, having hit a session low of 110.13 earlier today.
Despite the recovery, the pair is still down 0.10% on the day. The losses seen today could be associated with the risk-off tone in the Asian stocks and the S&P 500 futures.
The outlook would turn bullish for a rally to 110.70 if the ongoing recovery ends up clearing the session high of 110.35. That would validate the bullish crossover of the 5- and 10-day moving averages (MAs) confirmed on May 20.
Further, a move above 110.35 would also confirm an upside break of the trendline sloping downwards from April 24 and May 3 highs.
Trend: Bullish above 110.35
- R3 110.96
- R2 110.8
- R1 110.58
- PP 110.41
- S1 110.19
- S2 110.02
- S3 109.8
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.