- USD/JPY is bouncing sharply from the 2020 lows as DXY demand is relentless.
- The level to beat for bulls is the 111.00 figure.
USD/JPY daily chart
USD/JPY is rebounding sharply from the 2020 lows while breaking above the 110.00 handle and trading above the main SMAs on the daily chart. Investors are hoarding USD as the demand remains unabated.
USD/JPY four-hour chart
USD/JPY broke above the 110.00 figure and the 200 SMA on the four-hour chart. As the bulls remain firmly in control the market is seen extending its gains towards the 111.00 and 112.00 levels in the coming sessions. Support can be seen near the 109.00/108.50 price zone and the 107.55 level on the way down.
Resistance: 108.60, 109.00, 112.00
Support: 107.55, 106.90, 106.00
Additional key levels