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USD/JPY: slightly bullish on 4hr charts - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the Japanese yen closed the day slightly lower against its American rival, with the pair having traded as high as 123.47 early Europe, following a sharp advance in stocks. The pair continues to trade within a well-defined range between 122.20 and 123.75 established early November.

Key Quotes:

"During the upcoming Asian session, Japan will release its final revision of its Q3 GDP figures, expected to show a 0.1% growth against a previous estimation of a 0.2% decline, but will hardly help the JPY advance beyond the mentioned 122.20 level.

Technically, the 1 hour chart shows that the technical indicators are hovering around their mid-lines, whilst the price holds above its 100 and 200 SMAs that present little directional strength at the time being. In the 4 hours chart, the bias is neutral-to-bullish, as the price holds in the upper half of its latest range and above the 100 SMA, while the technical indicators aim higher around their mid-lines."

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