USD/JPY: Technically bullish – Bednarik

Technical indicators are pointing to a break at 110.10 in the USD/JPY pair, according to the chief analyst at FXStreet Valeria Bednarik. 

Key quotes

“USD/JPY is trading above 109.60, near a fresh 2-week high of 109.71. The pair eased just modestly intraday, meeting buyers around 109.30. The pair surged this week amid robust US data fueling Wall Street.”

“The US will publish today the official ISM Mon Manufacturing PMI for January, foreseen at 55, unchanged from its previous estimate. Markit will release the Services PMI for the country, and the Composite PMI, both for the same month.”

“USD/JPY is poised to extend its advance, according to the 4-hour chart, as it has broken above all of its moving averages.”

“The pair would likely extend its advance on a break above 109.80, now the immediate resistance. The next resistance is at 110.10”