Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, moving averages are bullish although the pair shows messy patterns: "Very messy as prices break above and close over the 50% Fibonacci resistance. Moving averages have just turned bullish yet we remain below the Ichimoku ‘cloud’. Stand aside if possible."

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Forex: USD/JPY: Dollar bounces at 95.20 approaching 95.90 again

FXstreet.com (Barcelona) - After a 70 pip pull down during Asian session, the Yen has bounced at 95.20 on early European session to reach levels around 95.70 with 4-weeks high at 95.90 on sight.

Initial resistance lies at 95.90 Asian session high, and above there, next resistances lie at 96.25 (Jul 6 high), and 96.80. On the downside initial support lies at 95.20 intra-day high, and below there, 94.85 (Jul 3 low) and 94.40 (upward trending support line from Jul 13 low).

According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, moving averages are bullish although the pair shows messy patterns: "Very messy as prices break above and close over the 50% Fibonacci resistance. Moving averages have just turned bullish yet we remain below the Ichimoku ‘cloud’. Stand aside if possible."

For more information, read our latest forex news.

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