USD/JPY - USD/JPY is Approaching the Previous High - 01/04/2017 (GMT)

The U.S. dollar soared almost to the previous highs against the Japanese yen and challenged the 118.60 price level before reversing sharply, ending the day slightly higher from its opening price. However, today’s FOMC minutes may rise the dollar or a more meaningful reversal would take place if there is disappointing jobs report on Friday.

Following the strong rebound on the 116.00 significant support level, the price is surging and if there is a penetration of the 118.65 resistance barrier, it will open the door for challenging the 120.00 strong obstacle. Technical indicators are confirming the bullish attitude on price as the MACD oscillator is moving higher since yesterday while the RSI indicator is approaching the overbought area.