USD/JPY has risen around 45 pips in the last hour from 94.20 to reach intra-day high at 94.75. After reaching 93.85, 2-month low, in the early Asian session and trading in a small range between 94.00/30 in the Asian and European session, the USD/JPY has jumped up in the early American session to reach today's high.
Currently the pair is trading around 94.60/70, 0.80% above today's opening price.
"Pair seems to be forming a floor in the hourly chart, consolidating between 93.85 and 94.30. Now attempting to break above 20 SMA at 94.15, pair needs to break range to confirm further bias. Hourly indicators suggest upside continuations as the pair seems to not have enough sellers at actual levels. Bigger time frames also suggest pair is exhausted to the downside, daily close could be key for the pair. Support levels: 93.83 93.48 93.10. Resistance levels: 94.30 94.60 95.10."
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