USD/JPY Price Analysis: Dollar surges to 9-month high, breaks above 111.00 figure

After ten days of consolidation, USD/JPY broke strongly to the upside to fresh 2020 highs.
The level to beat for bulls is the 111.50 resistance.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is rising sharply breaking above the 111.00 figure and closing a gap from May 2019. The spot is trading in a bull channel while above its daily simple moving averages (SMAs). The market is having an exceptional intraday rally as the average daily range is about three times larger than usual.

USD/JPY four-hour chart

USD/JPY is printing fresh 2020 highs as the market is spiking above its main SMAs. The market decided to break the range of the last ten days while breaking through several resistance levels, the better market mood and USD strength made bears capitulate. As the bulls are back in control, the spot will focus on the 111.50 resistance to extend gains towards the 111.95 and 111.41 levels. Support can be seen near the 110.69, 110.34 and 109.88 levels, according to the Technical Confluences Indicator.

Resistance: 111.50, 111.95, 111.41

Support: 110.69, 110.34, 109.88

Additional key levels

USD/JPY

Overview
Today last price	111.2
Today Daily Change	1.34
Today Daily Change %	1.22
Today daily open	109.86

Trends
Daily SMA20	109.48
Daily SMA50	109.39
Daily SMA100	108.98
Daily SMA200	108.38

Levels
Previous Daily High	109.95
Previous Daily Low	109.66
Previous Weekly High	110.14
Previous Weekly Low	109.56
Previous Monthly High	110.29
Previous Monthly Low	107.65
Daily Fibonacci 38.2%	109.77
Daily Fibonacci 61.8%	109.84
Daily Pivot Point S1	109.69
Daily Pivot Point S2	109.53
Daily Pivot Point S3	109.41
Daily Pivot Point R1	109.98
Daily Pivot Point R2	110.11
Daily Pivot Point R3	110.27

Author

Flavio Tosti

Independent Analyst

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