USD/JPY (a 4-hour chart)
The yen was able to grow against the other majors. Investors used the yen as a safe asset when Tokyo bonds market weakened after a 6 day rally.
Even though the pair grew yesterday its rally seems to run out of steam as the USD/JPY approached a strong resistance at 107.00. The instrument set fresh 4-week highs at the mark 106.85. The resistance is at 107.00, the support comes in at 106.00.
MACD remained in the positive territory, its histogram grew which indicates the buyers’ positions strength. RSI is close to the overbought area which is a buy signal.
The price remained above the bullish 50-EMA in the 1 hour chart. The moving averages (50, 100 and 200) are still moving upwards which is a buy signal.
The pair USD/JPY approached 107.00. A cut through here will aim it at the 108.00 level. Conversely, the pair may fall back to 104.50.