A look at the 23 February USDJPY Trading Outlook shows that the pair is bullish above 107.90. Read on to see what else is revealed in this analysis.
23 February, ADS Securities – The US Dollar plummeted against the Yen in the previous session, brushing off data that indicated a surprising drop in the number of Americans filing for unemployment benefits to an almost 45-year low in the prior week.
23 February USDJPY Trading Outlook
As of now, the pair is trading with an upside tone on the 1H chart, indicating at a bullish technical picture. In addition, the MACD indicator has crossed the signal line from below, further confirming the above stance.
Immediate resistance is positioned at the 107.25 level, followed by the 107.55 and 107.90 levels. A break and stability above the latter might lead to positivity in the pair.
On the other hand, key near-term support is located at the 106.55 level, followed by the 106.20 and 105.85 levels. A breach below the latter might trigger increased selling pressure on the pair.
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