- USD/JPY had been struggling from many sessions to break above 10-DMA which was offering stiff resistance on the upside.
- Cautious trade seen ahead of the Jackson Hole Symposium, which may provide clues on the US interest rates outlook for this year.
- On the 4H charts, the pair is holding above major support by 20 MA at 100.35. Stochs and RSI on 4 hourlies are biased higher.
- 4H cloud base also aligns at 100.37 and offers additional support.
- Major resistance on the upside are seen at 100.61 (trendline), 101.08 (20-DMA).
Recommendation: Long break above 20-DMA at 101, target 102.65