USD/JPY - Extended Its Gains Sharply and Almost Hit 113.20 Key Level - 10/19/2017 (GMT)

The USD/JPY pair exposed to a 2-week high during yesterday’s session and added more than 0.7% extending its gains slightly below the 113.20 resistance level. The U.S. dollar added more than 1% to its performance against the Japanese yen this week and is ready to challenge our suggested target (see technical analysis here: http://bit.ly/2kTOIkB).

On the daily timeframe, the technical structure suggests further upside movement as the indicators are moving higher. The stochastic oscillator entered the overbought zone and is still moving higher. The MACD oscillator is approaching the trigger line and is ready for a bullish crossover above the zero line. The next target to have in mind is the 113.45 resistance level.