USDJPY Analysis: Reaches two-month high

USDJPY Analysis: Reaches two-month high

The trading session on Thursday did not introduce significant changes to the pair’s position, as it remained fluctuating between the 55– and 100-hour SMAs and the weekly PP.

This lack of movement was turned around in the Asian session when the Greenback surged 27 pips and re-tested its two-month high of 107.70. Technical indicators suggest that the same bullish sentiment could prevail in this session, as well.

Apart from the aforementioned trend-line, the nearest resistance is set by the weekly R1 and the 38.20% Fibonacci retracement at 108.00, while a more distant northern barrier is the weekly R2 at 108.42.

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Prior to the expected surge, the pair might still return for a re-test of the 55-, 100– and 200-hour SMAs. The 107.40 is unlikely to be breached.



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