USD/JPY Current price: 117.68

Having been as low as 117.01 early Asia, the USD/JPY erased its intraday losses, up for most of the last two sessions, albeit limited due to the lack of volume as US markets remains closed on Martin Luther King holiday. The USD/JPY pair presents a mild positive tone in the short term, with the 1 hour chart showing price advancing above 20 and 100 SMAs, and indicators holding in positive territory, albeit lacking directional momentum. In the 4 hours chart momentum heads higher above 100 while RSI remains flat around 50, enough at least to limit the downside. Former daily lows around 118.10/20 are now the immediate resistance level to follow, as the price needs to advance above it to extend this recovery towards the 119.00 price zone.

Support levels:  117.35 116.90 116.45

Resistance levels: 117.90 118.20 118.60
Read more Click Here / www.trade4x.net