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Dollar rises and Aussie edges higher on short-covering

the USD/JPY found support at its 50-4hour moving average. The USD/JPY is still in a sideways trend on 4-hour chart. If the pair manages to break up 119.83 yen, it will face next resistance at 120.73yen and the main resistance stands at 122.60 yen. The recent price bottom found support at the middle boundary of the Bollinger Bands which confirms the price strength. The CCI indicator broke up its zero level which is also a sign of strength. The RSI indicator failed to touch its middle line which signals more gains. On the downside, first support lies at the area between 117.86yen & 117.23yen, second support is 116.33yen and the main support lies at the area between 115.44yen & 114.63yen.

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