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USD/JPY hovers around 107.00 levels - FXStreet

FXStreet (Łódź) - FXStreet Editor and Analyst Omkar Godbole notes that after rising from the low of 106.245 on Tuesday, USD/JPY is trading close to 107.00 today.

Key quotes

"Moreover, the prices managed to rise from the 50-day moving average support level of 106.42."
"The pair hovers around 107.00 levels today, as the pair has managed to sustain above the hourly chart support level of 106.80."

"The hourly RSI, currently at 55, is pointing to a further upside in the pair."

"However, a fresh demand for the USD can be anticipated once the pair managed to take out 107.40 levels."

"Moreover, the hourly chart shows that the pair has faced rejection couple of times around 107.40 levels since last week."

"Meanwhile, the pair can fall to 106.40 levels if the immediate support level of 106.80 is breached."

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