USD/JPY has slid to as low as 79.38 from an earlier high of 79.69, last quoted in the 79.55 price zone vs. 79.36 past Friday. Yen is also seen losing ground against most of its rivals on investors’ appetite for risk.
the hourly chart shows price above 20 SMA while indicators remain in positive territory although with no much upward strength right now, while in the 4 hours chart indicators head north as price develops above a strongly bullish 20 SMA, all of which suggest more gains are yet to be seen in the pair once above 79.80 immediate resistance.”
If USD/JPY edges lower in the hours ahead, further support is noted at 79.20 and 78.80. To the upside, beyond the mentioned 79.80 mark, further resistance levels lie at 80.10 and 80.30.
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