USD/JPY breaks above 118.75 and jumps to 118.90

FXStreet (San Francisco) - The USD/JPY is testing January 13 highs at 118.90 as the pair extended its rally from 118.25 to break above previous daily high of 118.75.

Currently, USD/JPY is trading at 118.82, up 1.06% on the day, having posted a daily high at 118.90 and low at 117.50. The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish.

UDS/JPY levels

If the pair consolidates levels above 118.75, the pair will find resistances at 119.00 and 119.30. To the downside, support are at 118.25, 118.00 and 117.90.