USDJPY (1H) - intraday bullish bias
The US dollar could not find enough buying interest to push through the major daily resistance at 109.70 over the past few weeks. The New Year's resolution might be to take a breather and build up momentum after the greenback came back to the key level of 108.45. We would expect a rally in the short-term as shorts take profit and fresh longs jump in. On the hourly chart, the bullish MA cross after the RSI recovered from the over-sold area is a sign that the bearish pressure is receding for now.
Key support: 108.45
Key resistance: 109.00
The US dollar could not find enough buying interest to push through the major daily resistance at 109.70 over the past few weeks. The New Year's resolution might be to take a breather and build up momentum after the greenback came back to the key level of 108.45. We would expect a rally in the short-term as shorts take profit and fresh longs jump in. On the hourly chart, the bullish MA cross after the RSI recovered from the over-sold area is a sign that the bearish pressure is receding for now.
Key support: 108.45
Key resistance: 109.00