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USD/JPY spikes above 120.00, Nikkei soars in tandem

FXStreet (Bali) - USD/JPY has launched a successful attack above the 120.00 psychological level, printing a session high of 120.10 from 119.76 low earlier on the day, with the Nikkei (+1.07%) rising in tandem.

Acceptance above 120.00 as risk sentiment firms up

While the daily chart remains in a well defined range between 119.00 and 121.00, from a lower timeframe standpoint, bulls have now taken control, testing the all important 8-day moving average, with acceptance around the area suggesting that values is seen higher.

USD/JPY key levels for today

The key levels to watch to the upside are 120.30/35 - daily R1 and yday's high - ahead of 120.50/60 - export offers and horizontal resistance - followed by 121.00. On the downside, 120.00 now becomes support, ahead of 119.75/80 - today's low - and 119.50/55 - horizontal line -.

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