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USD/JPY Price Analysis: Bulls seek upside break and test of bear commitments at daily highs

FX Street
Updated:
  • USD/JPY is back on the bid and the bulls are back in town.
  • USD/JPY  has found support and will seek to take on the daily resistance.  

Following a strong run in the US dollar overnight, the bulls are back with a vengeance and will seek to take on the daily highs and resistance through 109.50.

The following illustrates where the bullish momentum might kick in on the daily and 4-hour time frames.

Daily chart

As illustrated, the bulls have firmed from the W-formations neckline and the confluence of the 21-day EMA.

A break of prior highs looking left will be required for an upside extension.  

4-hour chart

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