USD/JPY technical analysis: One-week old support-line favors upside momentum

• USD/JPY remains firm above short-term rising trend-line.
• 106.65/70 remains as the key upside barrier.

With one-week-old upward sloping trend-line portraying the USD/JPY pair’s strength, the quote takes the bids to 106.60 heading to the Europe market open on Friday.

Buyers’ immediate attention will be on 106.65/70 horizontal-area comprising multiple highs since early-month, a break of which can quickly propel the prices to 107.00 whereas July month low near 107.21 could please buyers afterward.

On the contrary, 23.6% Fibonacci retracement level of 106.50 can serve as immediate support ahead of highlighting 106.30 support-line.

In a case where sellers sneak in and break the key trend-line support, 50% Fibonacci retracement of 106.00 and August 14 low around 105.65 could be on their radars.

USD/JPY hourly chart

Trend: Bullish