USD/JPY Modest Gains

USD/JPY is trading to the upside in today's session and although just modestly, the pair has broken yesterday's high of 100.39 and topped at 100.55 earlier today. The pair is now 100.26 and it needs to go above today's high which is seen as immediate resistance or at least not go below 99.90 in order for the bullish trend to be established.

First support is seen at yesterday's low of 99.94. If this level is broken then we can expect the pair to continue the move down to 99.40 and then even 98.00. On the other hand, if we can break above 100.60, last high of 100.93 and a possible close above 101 becomes a possibility. No major news are expected today which means that rapid moves will not be a factor in today's trading.

Chart: USD.JPY D1