Finally manages to clear a key hurdle near the 106.70-75 horizontal zone. Near-term set-up already seems to have turned in favour of bullish traders. The USD/JPY pair added to the overnight strong gains and continued gaining positive traction for the second consecutive session on Thursday, hitting over three-week tops in the last hour. Given that the pair has already found acceptance above the 106.70 heavy supply zone, a follow-through move beyond the 107.00 mark should pave the way for further appreciating move. The mentioned handle is closely followed by resistance near the 107.15-20 region, above which the pair seems all set to aim towards testing the 107.75-80 resistance ahead of the 108.00 mark. Meanwhile, technical indicators on the daily chart have just started gaining positive traction and further reinforced the bullish set-up, albeit slightly overbought conditions on hourly charts warrant caution. Hence, it will be prudent to wait for some near-term consolidation or a sustained move beyond the said handle before initiating any fresh bullish positions amid the prevalent selling bias around the USD. On the flip side, the resistance breakpoint – around the 106.70 level – now seems to act as an immediate support any subsequent slide might now be seen as a buying opportunity near the 106.40 region. USD/JPY 1-hourly 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 US: Markit Services PMI falls to 50.7 in August (final) vs. 50.9 expected FX Street 4 years Finally manages to clear a key hurdle near the 106.70-75 horizontal zone. Near-term set-up already seems to have turned in favour of bullish traders. The USD/JPY pair added to the overnight strong gains and continued gaining positive traction for the second consecutive session on Thursday, hitting over three-week tops in the last hour. Given that the pair has already found acceptance above the 106.70 heavy supply zone, a follow-through move beyond the 107.00 mark should pave the way for further appreciating move. The mentioned handle is closely followed by resistance near the 107.15-20 region, above which the pair… 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.
