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Technical Analysis – USDJPY strongly bullish above 120.00

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USDJPYDailymarh9USDJPY remains strongly bullish above the key 120.00 yen. The pair has regained strong upward momentum after breaking above this level on March 5th.  The daily RSI is positive and MACD is above zero.

The next target to the upside is at 121.84 – the December 2014 peak and the highest in over 7 years.  A break of this top will confirm the bullish trend and target the next peak of 124.12 from June 2007.

To the downside, support lies at 120.00 and 118.65. A move back below the daily cloud would weaken the bullish bias.

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