FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that USD/JPY remains bullish on Wednesday, and after hitting a high of 103.40 it consolidates right below this level.



Key quotes



"The hourly chart shows price well above its moving averages, while indicators stand flat in overbought levels, with buyers now surging on approaches to 103.20."



"In the 4 hours chart indicators are losing some of their upward strength but hold in overbought territory and far from suggesting a downward correction in the short term."



"As long as above 102.80, the broken descendant trend line coming from this year high, the upside is favored towards the 103.70/80 area, next static resistance zone."



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