USD/JPY hits 6-day highs near 107.50

By FXStreet The US dollar rose further against the Japanese yen and reached the strongest level in almost a week but failed to extend gains. USD/JPY hit a fresh high at 107.49 after breaking above 107.30.

The area around 107.50 capped the upside and it pulled back toward 107.30. It was trading at 107.25/28, up 0.25% for the day. Greenback is rising for the fourth day in a row accumulating a gain of 120 pips.

Despite rising for the last four days from 105.50 (18-month low), it was still unable to erase last Friday’s losses, that was not the worst day of last week. From the level, it had seven days ago before the decision of the Bank of Japan is trading 440 pips lower.

USD/JPY technical level

To the upside, the immediate resistance is seen in the area between 107.50 (daily high) and 107.60 (Apr 11) and above here at 108.20 (Apr 29 high) and 108.50 (55-SMA in 4-hour chart). On the opposite direction, support could be located at 106.75/80 (daily low / 55-hour moving average). 106.20 (May 4 low) and 106.10 (May 2 low).
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Source:: FX Street