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  • USD/JPY starts the week by erasing most of last Friday’s selloff.  

  • The levels to beat for bulls are at the 106.30 and 106.55 resistances.

 

USD/JPY daily chart

 
 
USD/JPY is erasing most of Friday’s drop while trading below its main daily simple moving averages (DSMAs). The market is trading back above the 106.00 handle as the bear trend is on hold.  
 

USD/JPY 4-hour chart

 
USD/JPY bouncing up sharply just above the 50/100 SMAs. Bulls are looking to trade above 106.30 resistance to reach 106.55, 106.77 and 107.07 according to the Technical Confluences Indicator.
 
 

USD/JPY 30-minute chart

 
Dollar/Yen is challenging the 106.30 level and 200 SMA, suggesting bullish momentum in the near term. Immediate support is seen at 106.12, 105.92 and 105.70 according to the Technical Confluences Indicator.  
 
 

Additional key levels