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Approaching the critical 110.00 area

The USD/JPY pair has broken above the 61.8% retracement of its February/March slump at 108.00, holding on to gains, Valeria Bednarik from NDDFX reports.

Key quotes

“The 4-hour chart shows that the pair is developing above all of its moving averages, with a directionless 200 SMA providing support at around 108.45.”

Technical indicators hold near overbought levels, heading north although with limited upward strength.

“An approach to 110.00 should be expected on a break above the mentioned daily high.”

“Support levels: 108.90 108.45 Resistance levels: 109.90 110.30”

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