USD/JPY technical analysis: Greenback erases its daily gains against the Japanese Yen

• The market is attempting to stabilize above 107.50 in the near term.
• The US Dollar erased most of its intraday gains this Thursday.

USD/JPY daily chart

USD/JPY is trading in a bear trend below its main daily simple moving averages (DSMAs). The 50 DSMA has crossed below the 100 DSMA signaling potential bearish strength.

USD/JPY 4-hour chart

USD/JPY is trading below its main SMAs suggesting bearish momentum in the medium term. according to the Technical Confluences Indicator, support is at 107.50, 107.10 and 106.70.

USD/JPY 30-minute chart

USD/JPY is trading below the 108.10 resistance and the 50 SMA suggesting a sideways market in the near term. A breakout beyond above 107.75 could open the gates to 108.10 resistance according to the Technical Confluences Indicator. 

Additional key levels