FX.co ★ USDJPY continues to consolidate, we remain bullish

USDJPY continues to move sideways above the break out level of 108.50. This consolidation is expected to be followed by a new move higher towards 109.50-110 at least over the next week.

USDJPY is in bullish trend. Price is above the cloud and above both the tenkan- and kijun-sen indicators. Price is also holding above the 108.50 area which was previously resistance and now support. Next support is at 107.70. As long as price is above 107.10 and the cloud we remain bullish expecting a move towards 110.