USD/JPY Price Analysis: Rallies sharply towards 135.00 on buyers stepping in, eyeing the 20-DMA

USD/JPY Price Analysis: Rallies sharply towards 135.00 on buyers stepping in, eyeing the 20-DMA

From fxstreet.com

The USD/JPY rises for the third time during the week, reaching a fresh weekly high at 135.50, spurred by positive US jobs data released on Friday, which caused a knee-jerk reaction of almost 200 pips, from around 133.07 to its aforementioned weekly high. At 135.06, the USD/JPY gains 1.66%. USD/JPY’s Friday price action shows that the major formed a huge bullish-engulfing candle pattern, meaning buying pressure is stepping in. At the same time, the exchange rate sits above the 50-day EMA at 134.84, which, decisively broken, could pave the way towards the 20-day EMA at 136.04. Worth noting that buyers are gathering ... (full story)

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