USD/JPY Technical Analysis: Greenback rebounds from November lows, trading above 108.70 level

 

 

USD/JPY is trading just below the 109.00 handle and the 200-day simple moving average (DMA) on the daily time frame. In the last two months, the market has been gaining considerable ground.

 

 

USD/JPY is rebounding from the November lows while trading above the 100 and 200 SMAs. The market is approaching the 108.90/109.03 resistance zone near the 50 SMA. A break above it can lead to further gains towards the 109.33/109.47 resistance zone. 

 

 

USD/JPY is challenging the 200 SMA on the 30-minute chart. Support can be found near the 108.72 and 108.47 levels, according to the Technical Confluences Indicator.