USD/JPY Asia Price Forecast: Dollar surges to levels not seen since May 2019, challenges 111.50 vs. yen

 

 

USD/JPY is soaring and about to end the New York session above the 111.00 figure while closing a gap from May 2019. The quote is trading in a bull channel while above the main daily simple moving averages (SMAs). The spot is having an above-average intraday rally as the average daily range is almost four times larger than usual. 

 

 

USD/JPY is trading at nine-month highs as the market is spiking above its main SMAs. After the break of the last ten days, the spot broke through several resistance levels as the better market mood and USD strength took its toll on the currency pair. As the market is about to roll into Asia, USD/JPY is challenging the 111.50 resistance level. Bulls want to extend gains about this level and reach the 111.95 and 111.41 price levels. Support is seen near the 110.69, 110.34 and 109.88 levels, according to the Technical Confluences Indicator.