USD/JPY: Technically bullish

USD/JPY is technically bullish and with the 109.26 at sight, the greenback should extend its advance, according to Valeria Bednarik, a Chief Analyst at FXStreet.

Key quotes

“The USD/JPY pair is neutral-to-bullish in the short-term, as, in the 4-hour chart, its advancing above the 38.2% retracement of its latest daily advance, now above a mild-bullish 20 SMA.” 

“Technical indicators are advancing above their midlines, although their bullish potential is limited.”

“Support levels: 108.10 107.70 Resistance levels: 108.75 109.20”