USD/JPY: Aiming marginally higher

Japan Leading Economic Index improved in February according to preliminary estimates while USD/JPY is neutral-to-bullish in the short-term, Valeria Bednarik from FXStreet briefs.

Key quotes

“Japan published the preliminary estimate of the February Leading Economic Index, which came in at 92.1, beating the market’s forecast. The Coincident Index for the same month was also better than anticipated, rising to 95.8.”

“USD/JPY 4-hour chart shows that it’s neutral-to-bullish, as it continues to develop a few pips above congestion of moving averages.”

“Technical indicators are aiming marginally higher within positive levels, but below their daily highs and without momentum enough.”

“Support levels: 108.65 108.25 Resistance levels: 109.40 109.80”