USD/JPY technical analysis: Greenback clings to daily highs near 108.65 after London close

  • Wall Street indices are in the green this Wednesday, lessening the demand for the Japanese Yen. 
  • The level to beat for bulls is the 108.70 resistance.

USD/JPY daily chart

USD/JPY is trading in a bear trend below the 200-day simple moving average (DSMA). The spot is correcting the October bull run. The intraday positive sentiment in Wall Street is diminishing the demand for Yen, helping USD/JPY to climb to daily highs. 


USD/JPY four-hour chart

USD/JPY is trading above the 108.56 resistance and the main SMAs on the four-hour chart, suggesting a bullish momentum in the medium term. If the 108.70 resistance is broken, there seems to be little relevant resistance before the 108.95 price level, according to the Technical Confluences Indicator. Further up lies the 109.16 level. 

USD/JPY 30-minute chart

USD/JPY is trading above its major SMAs on the 30-minute chart, suggesting a bullish bias in the near term. Support is seen at the 108.56 and 108.45 price levels, according to the Technical Confluences Indicator. 


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