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USD/JPY: bulls testing key resistance for 120 handle

FXStreet (Guatemala) - USD/JPY is currently trading at 119.91 with a high of 119.97 and a low of 119.40.

USD/JPY is drifting to the upside with underlying strength in the greenback as we progress through the week. We are at the key 119.80/90 level and a break here threatens further range bound activity while there are mounting arguments for the downside in the major also while the Fed continue to hold out for an improvement in the US economy and a more appropriate time to begin to normalise their interest rates.

USD/JPY levels

That said, as analysts at UOB noted, this pair has to break below the immediate support at 119.10/15 before a more sustained down-move can be expected. Further technicals come comes as the 2012-2015 uptrend at 116.87 while the key resistance comes as with the resistance at 120.89 200 DMA while the price is now back above the pivot (119.42) and aims for 120.88 and the 200 DMA.

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