The pair finally finds a way to break above the 200-hour MA
And that means near-term sentiment has turned bullish as long as the pair stays above it. The 200-hour MA (blue line) has proven to be a resistance level the pair cannot break above from last week until we had the breakthrough earlier.
And that sent yen pairs roaring across the board. Apart from equities starting to feel a bit more positive, there isn’t any news that acts as a catalyst for the spike that we’re seeing here.
But for now, the upside is capped by the broken trendline support-turned-resistance from earlier in the month.
If that breaks, the next level to watch out for is 107.00.