USD/JPY Outlook: Pivotal 110 Barrier Is Under Pressure But Resists For Now

Technical analysis of Forex market

The pair maintains positive near-term tone and ticked higher on Friday’s Asian / European trading, holding in the upper part of week-long 109.05/109.99 congestion and pressuring key barrier at 110.00 (psychological resistance reinforced by falling 30SMA. Lack of bullish momentum keeps the price below 110.00 for now, with sustained break here needed to generate bullish signal for continuation of recovery. Mixed daily studies signal further lack of clearer direction signal, with another failure to clear 110 pivot, likely to soften near-term structure. Focus turns towards US Durables and Housing data (due later today) which could provide fresh signals.

Res: 110.00, 110.22, 110.47, 111.22
Sup: 109.51, 109.29, 109.05, 108.63

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