USDJPY Recovery mode
The US dollar is attempting to recover higher against the Japanese yen currency after finding strong technical support from the 104.40 area. The Relative Strength Index, which is a momentum oscillator, is generating a buy signal on the daily time frame. Gains above the 105.00 level could cause the USDJPY pair to test back towards its key 200-day moving average, around the 105.55 level.
The USDJPY pair is only bullish while trading above the 104.40 level, key resistance is found at the 105.00 and 105.55 levels.
The USDJPY pair is only bearish while trading below the 104.40 level, key support is found at the 104.30 and 104.10 levels.