USDJPY

10:19, 10 April

USDJPY

The USDJPY pair traded lower for the second consecutive session yesterday to settle at 106.77, after nudging a low at 106.62. A positive centerline crossover by the daily MACD, coupled with the stochastic indicator trading in its overbought zone, hints at possible bullish momentum in the near term. In addition, a signal line crossover from below by the 2H MACD, accompanied by the 8H RSI and stochastic indicators sharply heading towards the north, further affirms the above outlook. Crucial resistance is placed at the daily upper Bollinger band (currently trading at 107.50), followed by the 107.78/80 and 108.11/15 levels. A sustained break above the latter might lead to bullishness in the pair. On the other hand, key support is situated at the 8H 20SMA (currently placed at 106.72/70), followed by the 106.32/30 and 105.99/95 levels. A move back below the latter might trigger further downside momentum in the pair.