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105 resistance broken! – USD/JPY Market Outlook – 03/02/2021


After hitting our 105 resistance target yesterday, the USD/JPY looks set to build on the bullish momentum as we approach the 200-day moving average around 105.40 / 105.60 which has not been breached since April 2020. Since mid-January, the pair has been supported by rising U.S. Treasury yields which are helping to widen the spread between U.S. Government bonds and Japanese Government bonds, making the U.S. Dollar a more attractive asset. Nevertheless, we suspect that the 105.60 resistance level will act as strong resistance as the RSI has almost reached extreme overbought territory.

Support: 105 / 104.80
Resistance: 105.40 / 105.60

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/105-resistance-broken-usd-jpy-market-outlook-03-02-2021
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