USDJPY (1H) - intraday bullish bias
After breaking below the major floor of 107.90 the US dollar is trying to make its way back. Though the medium term prospect does not seem to raise optimism, we may expect a limited recovery in the short term. The RSI divergence kick-started the bounce as sellers lifted their feet off the pedals. The bullish MA cross along with the rise above the immediate resistance of 108.20 was enough to convince short-term traders that the direction has turned up.
Key support: 108.20
Key resistance: 108.80
After breaking below the major floor of 107.90 the US dollar is trying to make its way back. Though the medium term prospect does not seem to raise optimism, we may expect a limited recovery in the short term. The RSI divergence kick-started the bounce as sellers lifted their feet off the pedals. The bullish MA cross along with the rise above the immediate resistance of 108.20 was enough to convince short-term traders that the direction has turned up.
Key support: 108.20
Key resistance: 108.80