Greenback struggles to regain the 108.00 handle

  • USD/JPY is in search of a clear direction as the market is having a hard time to regain the 108.00 handle. 
  • The level to beat for bears is the 107.80 support level.

 

USD/JPY daily chart

 

 

USD/JPY is trading in a bear trend below its 200-day simple moving averages (SMA). However, this September, USD/JPY is gaining strength now challenging the 100 SMA and the 108.00 handle. 

 

 

USD/JPY 4-hour chart

 

 

USD/JPY is trading between the 50 and 100 SMAs, suggesting a consolidation in the medium term. The market is trading above the 107.80 support with little bullish conviction as the 50 SMA is capping gains. 

 

USD/JPY 30-minute chart

 

 

Dollar/Yen has been trading in a range for the last six days. The drop on Thursday was sharp and bulls will have to bring the market back above the 108.50 level in order to attract more buyers. On the flip side, a daily close below 107.80 could open the gates to further losses towards 107.50 and 107.25, according to the Technical Confluences Indicator

 

Additional key levels