USD/JPY rebound from 106.60 area has stalled below 108.00 The dollar faces resistance at the 50-day SMA and previous tops in the 108.00/05 area US dollar’s mild rebound from the mid-range of 106.00 last week has been halted at 108.00, where the pair seems to be facing an important resistance area. The USD/JPY picked up earlier this week, with the yen somewhat weaker amid a moderate recovery on risk appetite. Initial plans to ease coronavirus restrictions in the major economies have boosted hopes of an economic recovery which fuelled riskier assets against the safe-haven yen. The pair, however, has been unable to extend past 108.00, and it has remained practically flat over the last sessions. The daily chart shows the USD/JPY limited below an important resistance hurdle around 108.00. The 50-day SMA, which capped the pair on May 11 and 12, lies now at 107.95 and right above it, there is the 61.8% retracement of the February-March decline concurring with mid and late-April tops at 108.00/05. The dollar should break above that area to increase bullish momentum. In that case, the next targets would be the 100 and 200-days SMA’s around 108.30/40 on its way towards 109.38 (April 4 high). On the downside, immediate support lies at 107.30 (May 19 low) and below there, 106.60 (May 13 low) and 106 (May 6 and 7 lows). USD/JPY daily chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/USD reversal from 0.6150 finds support at 0.6100 FX Street 2 years USD/JPY rebound from 106.60 area has stalled below 108.00 The dollar faces resistance at the 50-day SMA and previous tops in the 108.00/05 area US dollar’s mild rebound from the mid-range of 106.00 last week has been halted at 108.00, where the pair seems to be facing an important resistance area. The USD/JPY picked up earlier this week, with the yen somewhat weaker amid a moderate recovery on risk appetite. Initial plans to ease coronavirus restrictions in the major economies have boosted hopes of an economic recovery which fuelled riskier assets against the safe-haven yen. The pair, however,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
