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  • USD/JPY is rebounding sharply from the 2020 lows as DXY is in high demand.
  • The level to beat for bulls is the 109.00 figure. 

USD/JPY daily chart

USD/JPY is bouncing sharply from the 2020 lows while challenging the 200 SMA on the daily time frame. USD is being bought across the board pushing USD/JPY higher.

USD/JPY four-hour chart

USD/JPY is challenging the 108.60/109.00 resistance zone and the 200 SMA on the four-hour chart. The market is currently gaining considerable steam as bulls are looking for a break above the above-mentioned zone which can send USD/JPY towards the 112.00 figure in the coming sessions. Support can be seen near the 107.55, 106.90 and 106.00 levels.
Resistance: 108.60, 109.00, 112.00
Support: 107.55, 106.90, 106.00

Additional key levels