- USD/JPY bulls renew six-year high around 120.50.
- Firm bulls above the 10 and 20 period EMAs.
- The RSI (14) oscillates in a range between the 60 and 80 level, which adds to the filters to the upside.
The USD/JPY pair moves steadily higher on Tuesday. The pair has opened around 119.47 and has continued to rise rapidly. At time of writing, the pair trades at 120.42, up 0.80% on the day, yet showing no signs of exhaustion. Notably, the pair has renewed its six-year high after testing 120.50 earlier in the day.
On the weekly chart, USD/JPY has witnessed a strong move higher after breaking out of the ascending channel to the upside. Furthermore, USD/JPY has also broken above its five-year resistance at 118.66.
The 10 and 20 period EMAs are moving higher at 116.70 and 115.25 respectively, below the current price, adding to the filters to the upside.
The RSI (14) is oscillating in a range between the 60 and 80 level, which indicates the continuation of an uptrend.
The pair has also risen above psychological resistance at 120.00, and could target Feb 5, 2016 high at 121.49.
On the other hand, the bears can take control if the pair breaks below the March 15 low at 117.70. This will drag the pair towards the 10 and 20 EMAs at 116.70 and 115.25 respectively.
USD/JPYG weekly chart
USD/JPY additional levels
Source: Fx Street
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