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USD/JPY drifts further on up ahead of Tokyo

FXStreet (Guatemala) - USD/JPY has been testing higher grounds after the surge in the European session that took it to meet highs not seen since 2004.

The pair has been consolidating here as we have crossed over from the US session in towards the Tokyo open. The pair has been in over bought territory for a number of sessions yet there are not much in the way of fundamentals that are weighing in on the pair and technically the indicators are offering bullish signals still without any real sign of supply at this stage. Karen Jones, chief analyst at Commerzbank explained however that dips lower should find initial support at 112.30/111.15…Please note that longer term this is considered to be the break up point for 120.00”.

USD/JPY noteworthy levels

Current price is 114.68, with resistance ahead at 114.86, 115.02 (Daily Classic R3), 115.69 (Weekly Classic R2) and 118.89 (Weekly Classic R3). Next support to the downside can be found at 114.21 (Hourly 20 EMA), 114.11 (Daily Classic R1), 114.08, 114.01 (Weekly Classic R1) and 113.78.

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