VOT Research Desk
As buyers struggle with the 200-HMA early on Thursday, USD/JPY grinds near the intraday high at 137.00 and retreats recently.
The Yen pair struggles to maintain the early-day recovery from a weekly support line, which was at 136.30 at the time of publication.
On the other hand, until they demonstrate a clear break of an immediate support line, close to 136.30, as well as a one-week-old horizontal support zone between 135.95-85, USD/JPY sellers may continue to be perplexed.
A southward move towards the monthly low near 133.60 can then not be ruled out.
Overall, the USD/JPY pair is anticipated to have a corrective bounce, but upward potential seems to be constrained.
