FXStreet (Bali) – USD/JPY has launched a successful attack above the 120.00 psychological level, printing a session high of 120.10 from 119.76 low earlier on the day, with the Nikkei (+1.07%) rising in tandem.
Acceptance above 120.00 as risk sentiment firms up
While the daily chart remains in a well defined range between 119.00 and 121.00, from a lower timeframe standpoint, bulls have now taken control, testing the all important 8-day moving average, with acceptance around the area suggesting that values is seen higher.
USD/JPY key levels for today
The key levels to watch to the upside are 120.30/35 – daily R1 and yday’s high – ahead of 120.50/60 – export offers and horizontal resistance – followed by 121.00. On the downside, 120.00 now becomes support, ahead of 119.75/80 – today’s low – and 119.50/55 – horizontal line -.
(Market News Provided by FXstreet)