USD/JPY technical analysis: Greenback drops to daily lows, trades above the 109.00 handle

 

 

 

USD/JPY is trading above the 109.00 handle and the 200-day simple moving average (SMA) on the daily chart. In the last two months the market has been gaining considerable momentum. 

 

 

The spot is trading above its main SMAs on the four-hour chart, suggesting a bullish bias in the medium term. The market is battling with the 109.29 resistance, now trading just below it. Resistances on the way up are seen at the 109.85 and 110.20 price levels, according to the Technical Confluences Indicator. 

 

 

USD/JPY is trading above the upward sloping 100 and 200 SMAs, suggesting a bullish momentum in the near term. Support is seen at the 109.00 figure followed by the 108.55 and 108.27 levels, according to the Technical Confluences Indicator.