USD/JPY: Next mission to break 120.45 - FXStreet

FXStreet (Bali) - USD/JPY needs to advance past 120.45 in order to expose the next big target at 121.00 area, notes Valeria Bednarik, Chief Analyst at FXStreet.

Key Quotes

"The USD/JPY pair was unable to sustain gains beyond the 120.00, having retraced from a daily high of 120.35 reached early in the Asian session. The pair however, found some short term buying interest in 119.80."

"Technically, the 1 hour chart shows that the price held above its 200 SMA, while the 100 SMA offers the next intraday support around 119.40. In the same chart, the technical indicators lack directional strength below their mid-lines."

"In the 4 hours chart, the price struggles around a flat 200 SMA, although the technical indicators maintain their bullish slopes above their mid-lines, limiting chances of a stronger decline in the short term."

"The price needs to advance beyond 120.45, a strong static resistance level, to anticipate further advances towards the 121.00 level."