- After ten days of consolidation, USD/JPY broke strongly to the upside to fresh 2020 highs.
- The level to beat for bulls is the 111.50 resistance.
USD/JPY daily chart
USD/JPY is rising sharply breaking above the 111.00 figure and closing a gap from May 2019. The spot is trading in a bull channel while above its daily simple moving averages (SMAs). The market is having an exceptional intraday rally as the average daily range is about three times larger than usual.
USD/JPY four-hour chart
Resistance: 111.50, 111.95, 111.41
Support: 110.69, 110.34, 109.88
Additional key levels