- USD / JPY hits the highest level since January 11, capitalizing on the bullish breakout pattern.
- The breakout of the channel is supported by an RSI above the 50 level.
USD / JPY has jumped to 104.37 at the start of Thursday’s European session, the highest level since January 11, extending the previous day’s bullish move from a low in the 103.60 region and confirming a break to the upside of a Bearish channel represented by trend lines connecting the highs of January 11 and 19 and the lows of January 13 and 21.
Wednesday’s breakout and positive follow-up seen on Thursday indicate that the recovery rally from the Jan 6 low of 102.59 has resumed. Coupled with a 14-day RSI above the 50 level, that indicates that there is room for a rally to 104.75-105.00.
On the downside, Wednesday’s low at 103.58 is the level to defend for the bulls.
USD / JPY daily chart
USD / JPY technical levels
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