USD/JPY Hits 6-Day Highs Near 107.50
The US dollar rose further against the Japanese yen and reached the
strongest level in almost a week but failed to extend gains. USD/JPY hit a fresh high at 107.49 after breaking above 107.30.
The
area around 107.50 capped the upside and it pulled back toward 107.30.
It was trading at 107.25/28, up 0.25% for the day. Greenback is rising
for the fourth day in a row accumulating a gain of 120 pips.
Despite
rising for the last four days from 105.50 (18-month low), it was still
unable to erase last Friday’s losses, that was not the worst day of last
week. From the level, it had seven days ago before the decision of the
Bank of Japan is trading 440 pips lower.
USD/JPY technical level
To
the upside, the immediate resistance is seen in the area between 107.50
(daily high) and 107.60 (Apr 11) and above here at 108.20 (Apr 29 high)
and 108.50 (55-SMA in 4-hour chart). On the opposite direction, support
could be located at 106.75/80 (daily low / 55-hour moving average).
106.20 (May 4 low) and 106.10 (May 2 low).