- USD/JPY is back on the bid and the bulls are back in town.
- USD/JPY has found support and will seek to take on the daily resistance.
Following a strong run in the US dollar overnight, the bulls are back with a vengeance and will seek to take on the daily highs and resistance through 109.50.
The following illustrates where the bullish momentum might kick in on the daily and 4-hour time frames.
Daily chart
As illustrated, the bulls have firmed from the W-formations neckline and the confluence of the 21-day EMA.
A break of prior highs looking left will be required for an upside extension.
4-hour chart
