USD/JPY New York Price Forecast: Greenback holding above the 110.05 support level vs. yen

 

 

USD/JPY is in consolidation mode after the January spike above the 110.00 handle and the main simple moving averages (SMAs). The spot is hovering near its highest since mid-May 2019. 

 

 

USD/JPY is trading in a wedge pattern while trading above the main SMAs. Bulls are defending the 110.05 support while maintaining the market in a tight range above the level. If the bullish grind keeps going the market could reach the 110.35 level and a break above it can open the gates to 110.52 and 110.69, according to the Technical Confluences Indicator.

 

 

The market is grinding up above the main SMAs, however, if the bears breach 110.05 support, the spot might decline towards the 109.85 and 109.55 levels, according to the Technical Confluences Indicator.