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.
“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”