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USD/JPY eases after overnight gains but buyers are still in near-term control


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USD/JPY sits at session lows around 106.35 currently


ForexLive

The topside move overnight ran into resistance at the swing region around 106.66-70 and since then, buyers have backed off a little as price falls back again today.
However, buyers are still in near-term control as price holds above both the key hourly moving averages. That is the key risk level for any upside move at the moment.
Despite markets holding a tad more optimistic ahead of European trading, the yen is holding firmer still as major currencies are attracting more defensive flows for the time being.
Looking ahead, we’ll have to see if currencies will follow the mood in equities and bonds or vice versa but we can use technical levels to define and limit risk positioning in the meantime.
For USD/JPY, any move to the downside will have to breach support from the 100-hour MA (red line) and the 200-hour MA (blue line) at 105.98 and 106.14 respectively. Meanwhile, any topside move will have to clear near-term resistance around 106.66-78 before offers at the 107.00 handle come into play once again.

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