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USD/JPY at a pivotal point sub 105 handle

FXStreet (Guatemala) - USD/JPY is trading at 104.85, up 0.06% on the day, having posted a daily high at 104.92 and low at 104.77.

USD/JPY is resting up, teasing us with it’s lack of direction at critical levels. Fundamentally, there are arguments form both sides in both directions while technically, we are a little overbought to say the least, although markets have been known to push the barriers. Val Bednarik, Chief analyst at FXStreet explained that the hourly chart shows indicators diverging between in each other in bearish territory, while moving averages extended their advance with 100 SMA now at 104.40. In the 4 hours chart indicators turned strongly down from overbought readings supporting a continued bearish corrective move towards the 104.00 price zone.

USD/JPY support and resistance

Support levels: 104.75 104.40 104.00

Resistance levels: 105.45 105.90 106.30

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