USD/JPY: the bulls will be keen to retain this momentum [Video]
![USD/JPY: the bulls will be keen to retain this momentum [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/USDJPY/japanese-yen3_XtraLarge.jpg)
USD/JPY
The dollar bulls look rattled after the FOMC decision last week, but have managed to pick themselves up and string together two positive sessions. The prospects of a third positive session today are also good. A reaction straight back up through near term resistance 108.25/108.50 on the hourly chart has taken the market back up into a more positive near term configuration. The bulls will be keen to retain this momentum for a test of the 109.00 key medium term resistance area. Given the recent failures at this resistance, it would be a significant achievement to breakout. However, daily momentum studies retain their ranging configuration and we feel it unlikely at this stage. The band 108.25/108.50 turns back supportive today.
Author

Richard Perry
Independent Analyst


















