The USD/JPY is still retracing higher after hitting bottom at 107.63 lows. The USD/JPY needs a push toward the 38.2% Fibonacci retracement 1.1000 which is the major psychological level in order to clear the downside movement. Thus breaking the minor resistance level 1.0970 will continue surging higher to reach 1.1000 and 1.1055 respectively.
However, bearish RSI is still on the way creating caution as the market remains volatile awaiting next BOJ meeting. Cutting the minor support point 1.0900 will push the USD/JPY lower toward next support levels 1.0860 and 1.0790.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.