During Wednesday trading the US dollar experienced a remarkable increase against the Japanese Yen. After a steady upward movement, the dollar added 207 pips to close at 114.44.
In the early trading hours today the USD/JPY pair marked a high at 114.80, a level that has not been visited since late February. Shortly afterwards the pair dropped to 113.78, but quickly resumed to upwards and is currently trading at 114.43.
RSI is currently placed at 56 level and retreating from overbought levels. Stochastic is displaying lack of momentum but still pointing north.
The pair is staying well above the 20-day, 100-day and 200-day exponential moving averages which indicates bullish potential while bears seems to be limited in the long-term.
Support is seen at 114.00, next one at 111.00 and lower at 109.20. Resistance is now located at 116.45 and 118.30.