USD/JPY technical analysis: Greenback trading at three-month highs against Yen, more upside likely

 

 

 

 

USD/JPY is challenging the 200-day simple moving average (DMA) at the 109.06 level. Since August, the market has been rebounding sharply. As discussed last Friday, USD/JPY is gaining further steam this week. 

 

 

 

 

USD/JPY is trading above its main SMAs on the four-hour chart, suggesting a bullish bias in the medium term. Bulls need to overcome the 109.15 resistance to continue the bull leg towards the 109.45 and 110.17 price levels, according to the Technical Confluences Indicator. 

 

 

USD/JPY is trading above its main SMAs, suggesting a bullish bias in the near term. Support is seen at the 108.92 and 108.70 levels, according to the Technical Confluences Indicator.