USD/JPY chart - Trading View
USD/JPY has pared most of disappointing NFP-led losses, trades 0.42% higher on the day at 108.60 at 04:25 GMT.
US dollar remains bid at the beginning of the week on upbeat sentiment amid US-Mexican progress.
Markets largely ignore Japan's Final Q1 GDP which arrived at 0.6% q/q (preliminary was 0.5%).
Major trend in the pair is bearish. But we see scope for further upside before bearish resumption.
5-DMA and RSI have turned and a 'Bullish Divergence' on RSI and Stochs keeps scope for upside.
Upside momentum could continue upto 109.20/25 (nearly converged 20-DMA and 21-EMA).
Further upside only on decisive break above. 61.8% Fib at 107.61 is major support. Break below will see resumption of weakness.
Looking ahead this week, the US CPI data will be key following the disappointing Nonfarm Payrolls data.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
