USD/JPY Hits Fresh 3-Week Highs above 110.50, Consolidates Weekly Gains
further and printed a fresh 3-week high at 111.58. The pair remains
near the highs holding a bullish perspective in the short-term, headed
toward a weekly gain of approximately 200 pips.
The pair has been moving all day with an upside bias and accelerated recently during the American session as main stock indexes in Wall Street reached fresh highs. The Dow Jones is up 0.62% and the Nasdaq soars 1.21%.
USD/JPY third weekly gain
Greenback is about to post the third weekly gain in a row (first time since March 2015), recovering ground from 105.55, the lowest level in more than a year that reached back in May 3. Despite the rally from the lows, it still trades below the level it had April 28 when the Bank of Japan decided to leave monetary policy unchanged.
On Wednesday, FOMC minutes boosted USD/JPY to break above 109.50, strengthening the recovery. Now the pair is about to end the week above the 55-WMA for the first time since January.