USD/JPY is glued to support
USD/JPY had a quite day moving sideways in the 99.45/98.85 area. The pair’s hovering just above support line from November. The picture didn’t change much from yesterday.
Resistance lies at 100.00, 100.50 and 101.00. Support is at 98.70 and 97.40 (23.6% Fibo of advance from September and the top of the daily Cloud).
The longer-term outlook will remain positive as long as USD/JPY trades above 95.77 (April 16 low) with targets at 105.50 and 110.00. On the downside the greenback may retrace down to 93.60 (38.2% Fibo).
Chart. Daily USD/JPY