USD/JPY: Intraday picture turns bullish - FXStreet

The intraday technical picture in USD/JPY is now bullish as in the 1 hour chart, following the large spike seen in the last US session, notes Valeria Bednarik, Chief Analyst at FXStreet, adding that it supports further recoveries above the 103.50 handle.

Key Quotes

"The price has bounced from its 100 SMA, at 102.35, and is now approaching to the  200 SMA, the immediate resistance at 103.60."

"Technical indicators in the mentioned time frame, have turned north within positive territory, while in the 4 hours chart, indicators present a stronger upward tone, supporting a continued advance on a recovery above 103.50, the immediate resistance."