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USD/JPY Price Analysis: Hits two-week high after bullish breakout

USD/JPY jumped to 104.37 early Thursday – the absolute best degree due to the fact Jan. eleven – extending Wednesday’s 0.46% upward jab to 104.09, which proven an upside ruin of a falling channel represented by means of trendlines connecting Jan. eleven and Jan. 19 highs and Jan. thirteen and Jan. 21 lows.

Wednesday’s breakout and the superb follow-through viewed nowadays suggests the restoration rally from the Jan. 6 low of 102.59 has resumed. Coupled with an above-50 or bullish studying on the 14-day Relative Strength Index (RSI), that suggests scope for a rally to 104.75-105.00.

On the downside, 103.58 (Wednesday’s low) is the stage to shield for the bulls.

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