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USD/JPY starring at 6-year highs; new shows ahead

FXStreet (Moscow) - USD/JPY conquered 106.00 in Asia, posting almost 6-year high at 106.36; it is currently trying to move higher.

How to move on nothing

It was not long before we saw another run up, with the pair breaking above the current month high, and refreshing almost 6-year highs. It looked like the pair moved solely on technical factors, as there was no breaking news around that time. However, one of the reasons of such move was stimulus expectations again, as WSJ published an interview with the advisor to Japanese PM Abe. Although Etsuro Honda admitted there was no need to act immediately, the chances that weakening economic conditions would require more BOJ action are quite high. This factor may support the further rise of the pair with initial target at 106.45 resistance.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 105.69, with support below at 105.28, 104.52 and 104.11 with resistance above at 106.45, 106.86, and 107.62. Hourly Moving Averages are bullish, with the 200SMA at 104.72 and the daily 20EMA bullish at 104.08. Hourly RSI is bullish at 77.

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