- USD/JPY remains on the front foot after breaking the one-week-old descending trend line.
- 100/200-bar EMA, Thursday’s high on the Bull’s radar.
- Sellers can aim for October lows during fresh downside.
USD/JPY takes the bids to 108.50 amid the initial trading session on Tuesday. The pair holds onto its recovery gains after breaking short-term falling resistance line (now support).
In doing so, buyers are now looking towards a confluence of 100 and 200-bar EMA as well as high marked on Thursday, around 108.88/93.
Should buyers manage to conquer 108.93, 109.20 and 109.80 are likely next levels to watch during further upside.
Meanwhile, pair’s break below resistance-turned-support, at 108.30, can drag it back to the recent low of 107.77.
Assuming the quote’s weakness below 107.77, the Bears can target 107.00 and October month low near 106.50.
USD/JPY four-hour chart
Trend: Recovery expected
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