USD/JPY - Has More Room to Rise - Immediate Resistance the Falling Trend Line - 05/24/2017 (GMT)

It was a volatile day in the market as the USD/JPY pair moved slightly higher on the back of the FOMC minutes later today. The greenback surpassed above the strong obstacles, 50 and 200 daily SMAs, and is trading towards the 112.20 resistance barrier which overlaps with the 100-daily SMA. The pullback on the 200-weekly SMA in the previous week helped the USD/JPY pair to pause the aggressive sell-off and move higher. The next resistance obstacle is the falling diagonal line near 113.60 or furthermore the 114.30 obstacle.

The technical indicators on the same chart seem to be in agreement with the rising thought. The RSI indicator is sloping to the upside and is trying to enter the positive path. The stochastic oscillator is moving higher with strong momentum and is approaching the overbought zone.