USD/JPY Price Analysis: Run-up to weekly top seeks validation from 106.22

USD/JPY Price Analysis: Run-up to weekly top seeks validation from 106.22

USD/JPY prints a three-day uptrend while extending Monday’s bounce off a short-term support line to the weekly top of 106.13, currently around 106.00, during the early Thursday. Although MACD and sustained trading beyond 200-bar SMA offers extra strength to the bulls,      highs marked during February 16-17 probe the quote’s further rise.

As a result, USD/JPY buyers should wait for a clear run-up beyond 106.22 before targeting a September high near 106.55 and an August peak surrounding 107.00.

Although the 107.00 is more likely to trigger USD/JPY pullback, any further upside won’t hesitate to eye for the latest swing difference and highlight 107.55 as the upcoming resistance.

Meanwhile, the early month peak surrounding 105.70 can entertain short-term swing traders ahead of directing them to the stated trend line support near 105.00.

It should, however, be noted that the USD/JPY bears will need the validation of extra weakness below 105.00 from 200-bar SMA level of 104.66.

Overall, USD/JPY is in an uptrend but the immediate hurdle needs a clear breakout to be sure.

USD/JPY four-hour chart

(Souce fxstreet)