Yesterday, the US dollar has rallied against the Japanese yen during the trading session. The USDJPY pair opened today’s trading with a clear intention to move away from the 104.00 price resistance, boosting expectations of the continuing bullish trend, and the price is open to test the 105.20 level.
The 105 level has been a difficult resistance in the past, but we also have the 200-day EMA racing towards it again. Patience should prevail as investors can profit from buying after a nice selling opportunity based upon some type of pullback.
Traders are particularly interested in the 105 level, as if it breaches, we will probably be talking about a bigger trend change in the long term.
The EMA50 continues to support the suggested bullish wave, which will remain valid conditioned by the price stability above 103.65. The expected trading range for today is between 104.00 support and the 105.20 resistance.
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