The Japanese yen inched lower as January’s inflation missed expectations. On the daily chart, a bullish MA cross and a close above this year’s high of 134.40 indicate that sentiment could be turning around in the medium-term. Zooming in, the pair may continue to enjoy the bullish ride as long as traders buy pullbacks. 133.90 is a fresh support and 133.00 near the 20-day SMA would be the bulls’ second line of defence. A close above 135.30 would resume the rally with the former support of 136.00 as a potential target.
