USD/JPY: Key resistance approaching, watch out!

We don't take any position until our trading strategy confirms our entry! The USD/JPY pair is currently sending opposing signals.

Technicals: Here we have the USD/JPY pair that is approaching an short-term key resistance on the daily chart, at the 108.00 round-number. The pair has been in a downtrend and formed consecutive lower lows, which makes it important for the pair to respect the 108.00 level in order for the downtrend to continue.

The 1-hour chart shows that the recent bull run is losing steam, with the RSI forming a bearish divergence.

Support: 107.30, 107.00
Resistance: 108.00, 109.30

Flows - Bullish: Market is positioned for a weakening yen, with all groups except leveraged money betting on further weakness. The US dollar remains in a bullish positioning.

Economic Surprises - Neutral: Scheduled market reports were neutral for both currencies in the recent period.

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Beyond Technical AnalysisChart PatternsForexfxjpyLONGshortsignalsTrend AnalysisUSDUSDJPY

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