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USDJPY making new 2 year highs

For three consecutive weeks USDJPY is making new higher highs. This week started very strong and price is now breaking levels not seen since 2019. Price is now trading at 113.29 and trend remains clearly bullish.

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Red line -resistance (broken)

USDJPY is exploding higher. After our bullish signal and breakout above the red downward sloping resistance trend line at 110-110.20, bulls have not looked back. Price is making higher highs and higher lows with the RSI breaking to new short-term higher highs.

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Black line - weekly resistance

The weekly breakout in USDJPY combined with this week's new higher high is a confirmation that bulls are in full control of the trend and price can continue higher over the coming weeks or even months. Any pull back in USDJPY is considered a buying opportunity as long as price is above 109.50.

The material has been provided by InstaForex Company - www.instaforex.com