The pair is consolidating below 108.00 as the global demand for risk assets cautious recovers stimulated by the late last week’s news on the successful COVID-19 drug trial in the US. Any positive news in this regard will push the pair to growth.
Technical side:
The price is above the middle Bollinger band, above SMA 5 and SMA 14 which intersect and give a buy signal. RSI is above the 50% level and moves horizontally. Stoch enter the overbought zone.
Trading recommendations:
Buy the pair after it crosses the 108.00 with a likely local target of 109.20.
The USDJPY rate online: monitor the movement of the pair in real-time.