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USD/JPY: conquering the new highs

USD/JPY extends the upside, conquering the new highs above the resistance of the long-term triangle pattern. US dollar has reached a fresh 7-week high of  99.75 yen on Tuesday.

Sell orders are clustered in the 99.80/100.10 area. Rise above 100.10 would open the way to the further resistance at 100.50. Key support lies at 99.40, 99.10/98.90 and 98.50. 

According to JP Morgan strategists, the Friday’s break above the key 99.00 resistance should have led to a more sustained recovery phase. However, they point that USD/JPY needs to close the day above the resistance line at 99.76 in order to trigger another leg higher. 

График. Daily USD/JPY

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