USDJPY has been trading near the 20-day SMA since the past few trading sessions, the slope of moving average is turning flat indicating that the downward momentum and trend has lost steam and the currency could rebound in the near term. Further the pair has also bounced from the upward sloping trend line on the daily charts signifying a rebound in the offing. Also the low of 104 which the currency pair hammered on 21st of September seems to be holding well which is a sign of a near term bottom. We could see the pair could rise towards 105.80 & 106 in the near term, while it sustains above 105.
Technical Analysis Team
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