USD/JPY technical analysis: Greenback retreating against Yen, trades near 109.00 handle and 200 DMA

 

 

USD/JPY is trading near the 109.00 handle and the 200-day simple moving average (SMA) on the daily chart. In the last two months the spot has been rising consistently suggesting potential further strength.

 

 

 

The spot is trading above the main SMAs on the four-hour chart, suggesting a bullish bias in the medium term. The market is battling with the 109.00 handle. Resistances on the way up are seen at the 109.32/49 price zone, 109.77 level, followed by the 110.34 price level, according to the Technical Confluences Indicator. 

 

 

 

USD/JPY is trading below the main SMAs, suggesting a bearish momentum in the near term. Support is seen at the 108.75, 108.47 and 107.93 levels, according to the Technical Confluences Indicator.