USDJPY is making a comeback after failing to break below the upward trend line above the 108.00 level. This level, along with the 38.2 Fibonacci retracement and an upward trendline, are the key support points for the pair. One can see that the pair is reacting upwards to the recent rebound in US yields, which are rising thanks to good data. Wall Street is also responding positively.
Nevertheless, it is worth noting that seasonality indicates a potential downward pressure and positioning is extremely low. Nevertheless, the closing of today's candle may determine sentiment for the next 2-3 sessions.
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USDJPY, D1 interval. Source: xStation5
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