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USD/JPT stalls but comes with bullish bias

FXStreet (Guatemala) - USD/JPY is trading at 109.59, down -0.05% on the day, having posted a daily high at 109.70 and low at 109.59.

USD/JPY suffered a 30 pip clean out when it drifted from the highs and the pair now lacks follow through as price moves sideways. Analysts at RBS explained that the USD/JPY has reached their first target of 109.30, as it accomplished its breakout from the 100-105 long-term range, reinforcing their view for 112.00/112.60 and more upside towards 120.00 in the long term. “For now it may have a minor correction from 109.88, with support at 108.00 and 107.48, offering buying levels to 112.00 / 112.60 and above targets”. Meanwhile, Valeria Bednarik, chief analyst at FXStreet explained that 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”.

SUP: 108.00 107.48 106.34

RES: 109.88 111.18 112.00/60

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