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USD/JPY 103.19 the high ahead of Bernanke an FOMC

FXstreet.com (London) - USD/JPY has reached 103.19 in afternoon European trade ahead of a cautious market in anticipation of Bernanke speaking at 15.00hrs BST. Minutes from FOMC are going to be released 4 hours later.

The pair jumped higher to close slightly lower on a 30 minute candle at 103.07. A positioning here ahead of such key events later on is a telling sign that the bulls are ready for action and indicators are offering bullish signals in ma's and momentum.

This afternoon will shape events for the rest of the week, and support in the pair will come in at 101.85-102.10 with upside targets for 103.30/50 and 105.00.

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