USD/JPY rose to the resistance of the 50-week MA at 106.00. The pair is not at the resistance line since the end of December.
USD/JPY: two days changed a lot
Information is not investment advice
Earlier this week, we used to be impressed by the steady bullish progress of USD/JPY. However, the trade we were thinking of, wasn’t triggered: the USD got hit by bad data and sharply declined. America will release more economic figures on Thursday and Friday, and USD/JPY should be one of the most active movers on the news. Let’s reconsider the technical levels for trading this pair.
Formation of the second high just below 108.50 brings back the downtrend within which USD/JPY has been trading since April. A break below the 50-day MA at 107.00 will confirm a “double top” and lead the price down to 106.30/00 and potentially even lower. Many short-term term indicators have switched to the bearish mode. USD/JPY needs to rise above 107.85 (100-day MA, 100-period MA on H4) to gain an ability to reach 108.50 once again.
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