USD/JPY Price Analysis: Hits two-week high after bullish breakout

USD/JPY hits highest level since Jan. 11, capitalizing on bullish price pattern.
The channel breakout is backed by an above-50 RSI.

Omkar Godbole FXStreet Contributor

USD/JPY jumped to 104.37 early Thursday – the highest level since Jan. 11 – extending Wednesday's 0.46% rise to 104.09, which confirmed an upside break of a falling channel represented by trendlines connecting Jan. 11 and Jan. 19 highs and Jan. 13 and Jan. 21 lows.

Wednesday's breakout and the positive follow-through seen today indicates the recovery rally from the Jan. 6 low of 102.59 has resumed. Coupled with an above-50 or bullish reading on the 14-day Relative Strength Index (RSI), that indicates scope for a rally to 104.75-105.00.

On the downside, 103.58 (Wednesday's low) is the level to defend for the bulls.

Daily chart

Trend: Bullish

Technical levels

USD/JPY

Overview
Today last price	104.3
Today Daily Change	0.12
Today Daily Change %	0.12
Today daily open	104.18

Trends
Daily SMA20	103.62
Daily SMA50	103.8
Daily SMA100	104.44
Daily SMA200	105.65

Levels
Previous Daily High	104.2
Previous Daily Low	103.59
Previous Weekly High	104.09
Previous Weekly Low	103.33
Previous Monthly High	104.75
Previous Monthly Low	102.88
Daily Fibonacci 38.2%	103.97
Daily Fibonacci 61.8%	103.82
Daily Pivot Point S1	103.78
Daily Pivot Point S2	103.38
Daily Pivot Point S3	103.17
Daily Pivot Point R1	104.39
Daily Pivot Point R2	104.6
Daily Pivot Point R3	105

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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