USD/JPY Price Analysis: Greenback spikes up and retreats, trades near 107.50 level

 

 

USD/JPY is trading below its main DMAs (daily simple moving averages) on the daily chart as the spot is rebounding from the April’s lows. 

 

 

USD/JPY is trading below its main SMAs on the four-hour chart suggesting a bearish bias in the medium term. The spot is rejecting the 108.00 figure and the 200 SMA.  A break below the 107.00 figure near April’s lows could lead to a dip down towards the 106.00 or the 105.00 levels. Resistance can be seen near the 108.00 and 108.70 levels.