USD/JPY up to session highs, what levels to look out for next?

Technical Analysis

Author: Justin Low | usdjpy

USD/JPY looks to break free of the 111.00 level


The pair touches a session high of 111.25 on the day. The break of the 61.8 retracement level @ 110.85 and the November low of 110.84 looks to have opened up the next leg up for buyers today.

So, what levels are next in line?

First up is minor resistance in the form of the 18 January high @ 111.48, that will be followed by the region of resistance between the 112.00 figure level and the 76.4 retracement level @ 112.33.

Downside support is now seen back at the 61.8 retracement level @ 110.85.

There isn't much on the calendar today, so trading will be all about the flows for the most part. Right now, buyers are in control of the pair still and the levels mentioned above will be the next key areas to test.

The dollar is holding up rather well on the day, only down against the aussie and loonie thus far in trading.

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