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USD/JPY: The bulls are targeting 2009's highs

The USD/ had another strong bullish session on Tuesday not only retracing all the losses from the previous day but also breaking the top of the day’s range. With the Bank of Japan willing to push the pair higher, we expect the market to test key resistance areas from 2009. At 93.78 at the time of writing, next targets for the bulls to watch sit at 94.45 and 95.00. The 90.00 area is the key support area. As long as we remain above that level, there is no reason for the bulls to worry. Any pullback towards that area could be seen as a good buying opportunity. In the alternative scenario, only a break below 90.00 could delay the strong up-trend movement, but this is hard to imagine at the moment.

Dafni Serdari
Market Analyst
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