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USD/JPY: bulls looking for 120.88 again?

FXStreet (Guatemala) - USD/JPY is currently trading at 119.89 with a high of 119.97 and a low of 119.40.

USD/JPY bulls have stepped up as the week gets going. The price is now through the 200 SMA that currently resides at 119.55 and bulls are looking for a core onto the 120 handle here. Fundamentally, there is little to report other than housing starts 1.206m vs 1.150m expected. We are still tracking familiar movement in the price and the breakout to the downside looks well and truly done.

USD/JPY levels

On an additional bearish run, the major downside target comes as the 2012-2015 uptrend at 116.87 while the key resistance comes as 119.80 (R1) ahead of 120.89 200 DMA. The price is now back above the pivot (119.42) and aims for 120.88 and the 200 DMA.

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