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USD/JPY builds up on recent gains ahead of Tokyo

FXStreet (Bali) - USD/JPY is trading higher in the early going of the Tokyo market, currently at 109.20 after closing the NY session just above the 109.00 mark.

Valeria Bednarik, Chief Analyst at FXStreet, notes: "The 1 hour chart shows price above 100 SMA, yet the moving average has turned quite horizontal lately, which means its strength as support/resistance has declined. Indicators in the same time frame hold in positive territory, but lost earlier upward momentum."

"In the 4 hours chart the pair presents a mild positive tone, as per indicators heading higher around their midlines, and moving averages maintaining their strong bullish slope. Price needs now to break either above 109.45 or below 108.20 to be able to establish a clearer trend", adds Valeria.

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