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.