USDJPY near 20 day SMA support

19 May 2021

USDJPY is currently trading at the 20-day SMA support suggesting limited downside potential, further it is also trading in a small bullish candlestick formation after bouncing from this support zone corroborating the above observation. RSI is rising indicating that a rebound in the pair could be witnessed in the coming sessions. It is likely that USDJPY could rise towards 109.50 and 110.00 while it sustains above 108.60.

Prepared by
Technical Analysis Team

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