USDJPY bulls remain in the driver’s seat and the pair is trading just below its recent cycle high. The break higher last week confirmed a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. The trend is overbought, however, this is not - for now - a concern for bulls. Moving average studies are in a bull mode position too. Sights are on the 155.00 handle next. Support lies at 152.33, 20-day EMA.
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USDJPY is trading higher today following this morning’s BOJ announcement. The extension strengthens a short-term bullish condition and the USD has cleared a number of short-term resistance points. The move above 150.00 signals scope for a test of key resistance and the bull trigger at 150.89, the Feb 13 high. A break of this level would resume the uptrend. Key support lies at 146.49, the Mar 8 / 11 low. Initial support is at 148.41, the 50-day EMA.
The BBDXY sits up close to 0.15%, last near 1239.4. Gains of close to 0.50-0.60% have been recorded against both JPY and AUD.