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The USD/JPY pair trades near its daily high, just below a relevant Fibonacci level at 107.70, the immediate resistance, as FXStreet’s Chief Analyst Valeria Bednarik notes.

Key quotes

“In the USD/JPY 4-hour chart, the pair is developing below all of its moving averages, with the 20 and 200 SMA converging just above the 107.70 Fibonacci resistance.” 

“Technical indicators, in the meantime, have bounced modestly from their weekly lows, but continue to lack upward strength within negative levels.”

“Support levels: 106.95 106.50 Resistance levels: 107.70 108.10”