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USD/JPY unstoppable; 109.00 within reach

FXStreet (Moscow) - USD/JPY reached new multi-year high at 108.77 after having opened at 108.35 early in Asia; JPY is losing ground across the board on the back of dire trade position of Japan and capital outflow from JGB.

Who can stop USD/JPY bulls?

USD/JPY reached new multi-year high at 108.75 in Asia and this is not the limit. The Japanese currency is weakening across the board, while USD bullish trend is gaining traction. Rate expectations differential weights the scales on behalf of the USD, while positive US macro statistics supports insatiable Dollar rally across the board. Later during the day a host of important US house market reports set to be released. Should they confirm that the US economy growth is gaining traction, USD/JPY might rush to new highs. From the technical point of view, the nearest resistance is spotted at 108.77 (Asian high, new 6-year high) and followed strong offers at 109.00. The support is seen at 108.35 and 108.00.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 107.95 with support below at 107.51, 106.64 and 106.19 with resistance above at 108.82 109.27, and 110.14. Hourly Moving Averages are bullish, with the 200SMA bullish at 106.77 and the daily 20EMA bullish at 105.69. Hourly RSI is bullish at 80

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