USD/JPY stretches to fresh daily highs

FXStreet (Córdoba) – USD/JPY advanced to fresh highs for the day as the greenback pick up pace over the last minutes, although it remains well within its last week range.

USD/JPY broke above the 100-hour SMA and reached a daily peak of 120.77 in recent dealings. At time of writing, the pair was trading at 120.70, recording a 0.30% rise since opening.

Despite intraday volatility, USD/JPY continues to move back and forth between 120-121.50 unable to set longer-term directions.

USD/JPY levels to watch

In terms of technical levels, next resistances for USD/JPY are seen at 121.00/03 (psychological level/200-day SMA), 121.47/0 (Oct 30 & 26 highs), and then 121.77/80 (61.8% Fibo retracement of 125.27-116.16/100-day SMA). On the flip side, supports could be faced at 120.15 (50-day SMA), and 120.00 (psychological level/Oct 28 low) ahead of 119.60 (Oct 22 low).

USD/JPY advanced to fresh highs for the day as the greenback pick up pace over the last minutes, although it remains well within its last week range.

(Market News Provided by FXstreet)