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Chart - Courtesy Trading View
USD/JPY spiked higher to test 125 handle before paring some gains to trade 0.55% higher at 124.96 at around 05:45 GMT.
The major closed a bearish gap open and jumped higher after Bank of Japan Governor Haruhiko Kuroda's speech.
Kuroda earlier on Monday warned that there was “very high uncertainty” regarding the economic fallout from Ukraine crisis on Japan’s economy.
He added that Japan’s economy is recovering as a trend, although there are some signs of weakness”.
Upside may be capped around 125 handle as uncertainty prevails over the US consumer Price Index (CPI), due on Tuesday.
Market estimates are on the higher side at 8.3%, which if come true will add pressure on the Federal Reserve to adopt a tight policy environment.
Major Support Levels:
S1: 124.09 (5-DMA)
S2: 123.05 (200H MA)
Major Resistance Levels:
R1: 125
R2: 125.84 (Upper BB)
Summary: USD/JPY trades with a bullish technical bias. Overbought conditions warranty some caution, but pullbacks are likely to be shallow.
