During the Asian trading session on Wednesday, the USD/JPY currency pair is trading with a slight decrease in quotations, remaining within the current support level at 110.29 and the resistance level around 111.59.
The moving averages with a period of 21 and 55 days turned up, accelerated noticeably and continue to move up, increasing the divergence, which allows us to expect the development of an upward trend in this market in the short term. The four-hour chart has entered the area noticeably higher than exponential moving averages, which confirms the preservation of the uptrend in this market in the short term.
The technical picture also demonstrates the share of initiative behind buyers, as the MACD histogram has entered the area above its central line, and the strength indicator of the current RSI movement remains above the 60 line, confirming the bullish trend in this market in the short term.
Thus, we intend to continue buying this trading instrument today.