Barring an early Asian session dip, the USD/JPY pair remained well within a two-day-old narrow trading band as traders awaited this week’s key central bank meetings – BoJ and the Fed. The fact that the pair has managed to hold comfortably above its important intraday moving averages – 100 & 200-hour SMAs, support prospects for further near-term up-move. With technical indicators on hourly/daily charts holding with a mild positive bias, the pair seems all set to break out of the recent trading range and aim towards resting monthly tops – around the 109.00 round figure mark. A follow-through buying beyond the 109.20-25 resistance might trigger some additional short-covering rally and lift the pair further towards reclaiming the key 110.00 psychological mark en-route the 110.40-50 supply zone. On the flip side, sustained weakness below the 108.35-30 region – coinciding with 50-day SMA, might negate the constructive outlook and turn the pair vulnerable to slide back below the 108.00 handle towards testing the 107.70-60 horizontal support. This is followed by support near the 107.35-30 region, which if broken decisively should pave the way for the resumption of the prior bearish trend and drag the pair back towards challenging multi-month lows – around the 106.80-75 area. 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 Canada: GDP growth projected to slow to 0.2% in May – TDS FX Street 4 years Barring an early Asian session dip, the USD/JPY pair remained well within a two-day-old narrow trading band as traders awaited this week's key central bank meetings - BoJ and the Fed. The fact that the pair has managed to hold comfortably above its important intraday moving averages - 100 & 200-hour SMAs, support prospects for further near-term up-move. With technical indicators on hourly/daily charts holding with a mild positive bias, the pair seems all set to break out of the recent trading range and aim towards resting monthly tops - around the 109.00 round figure mark. A follow-through buying beyond… 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.
