USD/JPY Higher

USD/JPY is trading significantly higher in today's session. The rally started on Friday when the pair was 100.06. If we take a look a to the middle of the month, we see that the pair reached major support at the 99.54 level where bulls reacted immediately to the chance they were given and they managed to take control over the trend.

Since then the pair has been trading to the upside up until now with price going higher currently 102.34. We can expect first resistance to be reached this week. The level at 103.50 would act as first resistance and if bulls are able to pull through it, then the second level is seen at 105.40.

A slight pullback might be expected today which would indicate that bulls are doing some profit taking, but overall the market sentiment is prevalently bullish.

Chart: USD.JPY D1