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USD/JPY: Bullish trend prevails - FXStreet

FXStreet (Bali) - The dominant bullish trend should prevail this week, with pullback still seen as buying opportunities despite the overextended move, notes Valeria Bednarik, Chief Analyst at FXStreet.

Key Quotes

"Latest retracement has found buyers in the 108.50/60 price zone, now immediate support, with 1 hour indicators aiming higher around their midlines, and moving averages maintaining their bullish slopes well below current price."

"In the 4 hours chart, indicators head higher in overbought territory after a limited downward correction, supporting the dominant bullish trend. Retracements down to mentioned price zone will likely attract buyers again while a break above 109.45 exposes the pair to an advance up to 110.00 critical figure.

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