USD/JPY Moves Up

USD/JPY is trading higher today as market participants sold the Japanese yen in the early trading hours of the Asian session. The Japanese yen is losing value against all major counterparts, namely USD/JPY, CHF/JPY and GBP/JPY.

The USD/JPY exchange rate is again above the resistance line on the long term downward trading channel. The pair broke the resistance in the beginning of July and then briefly dipped below it again just to rise above.

This time the breakout seems stronger and the bull camp determined to keep the fire going. It bulls manage to sustain the momentum we could see USD/JPY go to first target at 113.20 and onward to new horizons.

Chart: USD/JPY D1