09:31, 01 February

USDJPY Daily Analysis

The USDJPY pair traded higher in the previous session and closed at 109.19, after hitting a high at 109.45. A potential centerline rossover by the 4H MACD to enter its positive region, along with the 8H momentum oscillators trading with a strong bias, hints the presence of bullish momentum in the pair. In addition, the daily momentum oscillators are heading towards the north, further affirming  the  above  stance.  Crucial  resistance  is  positioned  at  the  8H  upper  Bollinger  band  (currently  placed  at  109.73/75), followed  by  the  8H  50SMA  (currently trading  at  110.14/15)  and  the  110.47/50  level.  A  surge  above  the  latter  might  lead  to further upside momentum in the pair. On the other hand, key technical support is situated at the 2H 20SMA (currently placed at 109.00), followed by the 108.60 and 108.28/25 levels. A move back below the latter might trigger negativity in the pair.