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30 Mar 2015
USD/JPY extends rally beyond 120.00
FXStreet (Tokyo) - The USD/JPY finally broke above the 120.00 as the pair rose around 30 pips in the last hour from 119.85 to reach fresh highs since March 23 at 120.15.
Currently, USD/JPY is trading at 120.08, up 0.78% on the day, having posted a daily high at 120.15 and low at 119.12. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/JPY forecast
According to the FXStreet Forecast Poll, the USD/JPY bulls are back: "after a week of weakening expectations, an overwhelming majority now looks for a recovery in USD/JPY towards the 122.00 area."
However, Richard Perry from Hantec Markets affirms that he is "increasingly seeing a trading range between 116/122 forming now and the move towards Fed tightening could also drive safe haven flows so I hold a fairly neutral outlook."
US dollar to Yen exchange rate levels
If the pair consolidates gains above 120.00, it will find resistances at 120.15 and 120.30. To the downside, supports are at 120.00, 119.75 and 119.60.
Currently, USD/JPY is trading at 120.08, up 0.78% on the day, having posted a daily high at 120.15 and low at 119.12. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/JPY forecast
According to the FXStreet Forecast Poll, the USD/JPY bulls are back: "after a week of weakening expectations, an overwhelming majority now looks for a recovery in USD/JPY towards the 122.00 area."
However, Richard Perry from Hantec Markets affirms that he is "increasingly seeing a trading range between 116/122 forming now and the move towards Fed tightening could also drive safe haven flows so I hold a fairly neutral outlook."
US dollar to Yen exchange rate levels
If the pair consolidates gains above 120.00, it will find resistances at 120.15 and 120.30. To the downside, supports are at 120.00, 119.75 and 119.60.