USDJPY turned more bullish after breaking out of a recent range that kept the pair within the 108 level and the 61.8% Fibonacci at 109.39 (which is the retracement of the downleg from 111.87 and 105.54).
There is scope for further upside momentum as RSI has risen above 50 into bullish territory. Prices would need to break above 110.50 in order to clear the way for a retest of the April 28 high at 111.87 and see a continuation of the recent uptrend from 105.54.
The 61.8% Fibonacci at 109.39 is acting as immediate support which will keep the short term market structure bullish if it holds. Alternatively, a break below the key 108 level would pressure prices lower towards the 105.54 low.
Origin: XM
