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The USD/JPY pair is trading near the 108.10 level, the upper end of its latest range, and with the risk skewed to the upside in the short-term, FXStreet’s Chief Analyst Valeria Bednarik reports.

See: USD/JPY capped by the 200-day ma at 108.36 – Commerzbank

Key quotes

“The Japanese Monetary Base expanded by 3.9% YoY in May, better than the 2.1% expected while the US macroeconomic calendar will include today the ISM-NY Business Conditions Index for May, previously at 4.3.”

The 4-hour chart shows that the pair is above all of its moving averages, with the 100 SMA advancing above the 200 SMA, but below a mild-bearish 20 SMA.”

“The Momentum indicator heads sharply higher within positive levels, but the RSI indicator lacks directional strength, flat at around 55.” 

“The top of the range is the 108.10 price zone, as the pair reached a high of 108.08 on May 19. Stops should gather above this last and if those get triggered, USD/JPY may finally see some action.”