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23 Jun 2021

USD/JPY Price Analysis: Remains strong to meet daily confluence near 110.80

  • USD/JPY edges higher and faces some resistance near the higher level.
  • Pair continues to project gains from the low of 107.45 in April.
  • Momentum oscillator tilts in favor of the upside momentum,

USD/JPY maintains its upside momentum and remains grounded above the 110.60 mark in the initial Asian trading hours. 

At the time of writing, the USD/JPY pair is trading at 110.65, up 0.01% for the day,

On the daily chart, the USD/JPY pair approaches the resistance confluence near the 110.65 level. The rising trend line from the low of 107.47 acts as a defensive for the bulls.

If price sustains above the session’s high, then it has the potential to recoup YTD highs at 110.86.

The Moving Average Convergence Divergence (MACD) indicator reads above the midline, with a bullish bias. The readings suggest impending upside momentum in the pair.

That said, USD/JPY bulls would attempt to make fresh yearly highs near February 2019 high at 111.50.

The next region would be the high of March 2019 at 112.14 for the bulls to explore.

Alternatively, if the price breaks 110.60 then it could bring the selling opportunities in the pair. The first target, in that case,  would be the previous day’s low at 110.21.

Market participants then look out for the 20-day Simple Moving Average (SMA) at  109.91 followed by the low of June 14 at 109.61.

USD/JPY additional levels


 

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