USD/JPY has crossed above the strong resistance area of 105.80 and is currently trading at 106.08. The immediate resistance is now at 106.33 while other resistances are at 106.55 and 106.77 levels. The near term support is at 105.80 another support area is at 1t 105.56.

The moving averages are currently keeping below the market price, the SMA-21 is indicating support at 105.46 and the SMA-50 is showing a support area at 105.76. The mid-Bollinger band is at 105.37 and the upper band resistance is at 106.15. The RSI is above the neutral zone and supportive of the bears. The intraday price pattern has now turned bullish and the 4-hourly chart is in line with that. The pair is currently good to buy, a decent buying level would be near 106.00 with a small target of 40 to 50 pips. A tight stop-loss would be just below the 105.65 area.

An intraday closing above 106.00 is what the bulls need to take the pair further higher. On the downside, 105.20 would be an important support level for the bears to watch.

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By LCMS Traders FX Analysis Team

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