USD/JPY Asia Price Forecast: Greenback bounces back from April lows, trades near 107.40 level

 

 

USD/JPY is bouncing back from the April lows nearing 3-day highs. USD/JPY is moving up amid broad-based USD weakness. 

  

 

USD/JPY is regaining the 50 and 100 SMAs on the four-hour chart as the market is picking up steam. The first major hurdle can be located near the 108.00 figure and the 108.70 resistance level. Pullbacks down could find support near the 107.00 and 106.35 level. However, a breach below the 106.35 support can see the market turn lower again towards the 105.70 and 105.00 figure.