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USD/JPY: time to retrace lower?

By Kira Iukhtenko, FBS analyst

On Tuesday USD/JPY hit our first bullish target at 106.40. We expect a short correction from this resistance (200-month MA), but still recommend buying the pair on dips. Note that US dollar is strongly overbought. The 105.70 support will likely limit the bearish correction. Break above 106.50 will open the way to 110.00 yen. 

The short-term picture remains bullish as long as the price holds above 105.00 yen (trend line support). Next support lies at 104.60, 104.00 and 103.50.

Chart. Daily USD/JPY

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