USDJPY has been trading in a strong uptrend as the dollar continued to strengthen since January 2021; currently it has experienced some correction but is trading above the 20-day SMA. The pair stands at the 23.6% Fibonacci support of the rise experienced from 23rd February to 31st March, indicating support below current levels. It would be prudent to say that USDJPY could advance towards 110.10 and 110.50 while it sustains above 109.30.
Technical Analysis Team
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