USD/JPY rises further and approaches 103.00

USD/JPY continued to rise after the beginning of the American session and reached 102.86, the highest level since September 14. The pair remains near the highs holding a bullish tone as the US dollar consolidates gains across the board.

The Japanese currency is one of the worst performers in the forex market and is falling even against the pound. US stock indexes are mixed, little change for the day so far. Gold is falling sharply, losing more than 2%. 

USD/JPY to test 103.00?

Today the pair is rising for the sixth day in a row and price has climbed back above the 20-day moving average that stands at 101.65, area that now has become a relevant support. USD/JPY is gaining more than a hundred pips today, posting the highest daily gain so far in at least a month. 

A consolidation above 102.70, would expose 103.00. The next resistance area could be seen at 103.10, followed by 103.35 (Sep 14 high). The short-term outlook continues to favor the upside, but the pair needs to break the immediate barrier to clear the way to more gains. The bullish tone will be challenged during the current week by US data, particularly the employment report.