USD/JPY - USD/JPY Soared and Hit Our Recommended Target at 112.40 - 09/21/2017 (GMT)

The U.S. dollar edged sharply higher against the Japanese yen, challenging the 112.65 price level, which is a two-month high. The USD/JPY pair surpassed our recommended target at 112.40 (see technical analysis here: http://bit.ly/2jJmAjy) and surged almost 2% over the last four days, posting three green days in a row.

Furthermore, on the daily timeframe, the price jumped above the three simple moving averages (50, 100 and 200) indicating for further gains towards the 50.0% Fibonacci retracement level with high at 118.60 and low at 107.30, near the 112.85 resistance barrier. After that, we are waiting for a small correction to the downside. The Relative Strength Index (RSI) is rising in the positive path, whilst the MACD oscillator lies above the trigger and zero lines.