Dollar/Yen is trading over 300-pips above the key psychological 100.00 round number area, after breaking above the consolidation range resistance on the 9th May.
There has been no pullback to the previous resistance area during subsequent trading and this remains as a key technical point of interest going forward – with any retrace to this area potentially seeing an element of support.
Guest post by Nick Simpson of www.forex-fx-4x.com
USD/JPY Analysis – Click image to enlarge
The daily timeframe Tenkan Sen and Kijun Sen dynamic levels are located around 100.85 and 100.00 respectively, adding confluence to any pullback to previous resistance.
We also note the USDX is trading above the previous resistance area circa 84.10, any extended move above this area could see further upside pressure on the USDJPY.