USDJPY maintains a neutral bias since early February, as prices remain within a range between 111.00 and 114.00.
The short term momentum continues upward, as indicated by the rising RSI. Prices rebounded from 110.65 that was reached on March 17. This suggests a bottom could be in place at this low. The current rally is finding resistance at the 50% Fibonacci level(around 113.50). This retracement is of the rise from 101.19 to 125.84 (July 2014 to May 2015 rise).
Continued upside momentum would see an extension towards the top of the range at 114.00. Support lies at 111.00. If the market breaks below this key level, then this would strengthen the underlying bearish market structure that has been in place since the end of 2015.
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