USD/JPY remains within reach of 120

FXStreet (London) - Extending the up trend channel starting Jan 6, that previously saw 119 broken, USD/JPY looks poised to mount a challenge to 120.

Overnight the pair made a high of 119.96 before retreating to where it is presently trading at 119.83, up 0.56% on the day. At present spot was trading above the hourly 200 SMA, but is has dipped below. The previous candle saw spot post a daily high, before retreating to close below the SMA.

USD/JPY Levels

Resistance ahead at 119.98 (Daily High), 120, and R2 at 120.37. To the downside we see next support at 119.80 (Hourly 200 SMA), 119.66 (Yesterday's High), 119.59 (Hourly 100 SMA).