USD/JPY rises to 83.55, 2-week high

FXstreet.com (Barcelona) – Dollar recovery from Dec 31 low at 80.90 extended sharply on Thursday breaking above 20 and 100-day SMA, at 82.95/00, which acted as support during Asian session, pushing the pair towards a fresh -week high at 83.55 ahead of the European session opening.

The pair is struggling against 83.40/55 resistance area at the moment (Dec 23 highs), with next resistance levels, at 83.70 (Daily pivot point R2) and 84.35/50 (Dec 13/15 highs). On the downside, immediate support lies at 82.90/00 (session low/20 and 100-day SMA), and below here, 82.50/65 (intra-day level) and 82.30 (Jan 4 high).

Technical indicators are pointing up, according to Alberto Muñoz C, collaborator at FXstreet.com, who observes further rally towards 84.40 area: “Yen is holding above the 200 period SMA in the 4 hours chart gaining bullish momentum and probably is starting a new rally that can take price to test December highs around 84.40.”

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