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USD/JPY consolidates above 109.60

FXStreet (Córdoba) - Greenback remained steady against the yen during the last hours, consolidating daily gains, as it traded around 109.70. USD/JPY was rising for the third day in a row and headed toward the highest monthly close since 2007.

The pair peaked on Tuesday at 109.83 and then pulled back, bottoming at 109.48. The area around 109.50 capped the downside and rose back above 109.70.

USD/JPY technical outlook

Ahead of the Wall Street closing bell, the 1-hour chart shows indicators losing upward potential, with moving averages heading higher below current price, notes Valeria Bednarik, Chief Analyst at FXStreet.

“In the 4 hours chart higher highs support the ongoing bias, despite indicators also turned lower in positive territory: dips down to 108.90 will remain as buying opportunities, at least until Friday’s US NFP readings”, said Bednarik.

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