FBS: technical picture for USD/JPY
Tatyana Norkina, FBS Analyst.
Overcoming resistance in the 107.30 area exploded the market. At first, currency pair formed a new high at 107.60 and later went up to around 108.40 , against the strengthening of the dollar after Dzh.Yellen’s speech.
The reinstatement of course continues today with another extremum reached at 108.75. Obviously, overcoming of this level would mean an early test of powerful resistance of 109.20. Otherwise you can expect the correction to the area of 108.25.