USDJPY (1H) - short term bullish bias
The US dollar had been consolidating in the daily support area between 108.30 and 108.50. Last week's sporadic bullish impulses prompted the sell side to cover their positions and paved the way for a potential rebound. The bullish MA cross is a sign that buying interests have outpaced selling ones and a series of higher highs have established strong support above 108.50. For more conservative traders, a breakout above the major resistance of 108.90 would be the final confirmation.
Key support: 108.50
Key resistance: 108.90
The US dollar had been consolidating in the daily support area between 108.30 and 108.50. Last week's sporadic bullish impulses prompted the sell side to cover their positions and paved the way for a potential rebound. The bullish MA cross is a sign that buying interests have outpaced selling ones and a series of higher highs have established strong support above 108.50. For more conservative traders, a breakout above the major resistance of 108.90 would be the final confirmation.
Key support: 108.50
Key resistance: 108.90