The USD/JPY pair is gaining bullish traction in the short-term, recovering further from around the 38.2% retracement of its latest daily advance, FXStreet’s Chief Analyst Valeria Bednarik briefs.
Key quotes
“In the 4-hour chart, the USD/JPY pair is battling with its 20 and 200 SMA, both converging with the current level, while the 100 SMA converges with the mentioned Fibonacci support at around 107.70.”
“The Momentum indicator is entering positive territory, although the RSI lacks strength and stands around 47. The next Fibonacci resistance comes at 109.25, a possible bullish target should the greenback keep recovering.”
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