Four levels to watch

CitiFX earlier today recommended buying USD/JPY but the would-be buyers on the sidelines at this point might want to wait for some technical confirmation before jumping in.

USD/JPY's high today was 109.83 and that's the first level to watch, followed by the 110.00 psychological level, the May 1 high of 100.03 and then the 200-day moving average which is currently at 110.17.

If those levels give way at the same time as yields rise and US equities climb, then it's a blinding green light for the bulls.