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USD/JPY chart - Trading View
USD/JPY was trading 0.63% higher on the day at 108.43 at around 04:10 GMT.
The pair is holding onto recovery amid resurgent US dollar demand. Monday's Doji candlestick formation also aids gains on the day.
The Greenback ended broadly higher on Monday on short-covering as global central banks and governments launched monetary and fiscal measures to battle the economic fallout.
The risk-on action in the Asian equities combined with surprising positive Chinese PMI data also support gains.
Data released earlier today showed China’s manufacturing PMI stands at 52.0 vs 35.7 previous release (expected 44.9). While non - manufacturing PMI stands at 52.3 vs 29.6 previous release (expected 42.1).
Technical studies are indecisive. Major and minor trend are neutral. Failure to close above 200-DMA will see downside resumption.
Decisive breakout at 200-DMA could see near-term upside. Next major hurdle aligns at daily cloud at 109.93.
Support levels - 107.69 (38.2% Fib), 107.12 (Mar 30 low)
Resistance levels - 108.31 (200-DMA), 108.62 (21-EMA)
