USD/JPY Asia Price Forecast: The greenback ticks down, trades above 108.00 figure

 

 

USD/JPY is trading above the 200 SMA on the daily chart as the quote is trying to stabilize above the 107.00 level amidst better market mood. While some asinine comments the greenback is selling off, USD/JPY is still up 700 pips in relation to one month ago. 

 

 

USD/JPY bull trend stays intact as the spot trades above the 108.00 handle and the 50/200 SMAs on the four chart. Bulls are likely looking for a break above the 108.70 resistance which would open the doors to the 109.50 and 111.00 levels on the way up. Support can emerge near 108.00 and 107.00 price levels.